Fintech startup Able raises $3.2m seed round to power the new creator economy

Fintech startup Able raises $3.2m seed round to power the new creator economy

Published: 29-10-2021 16:21:00 | By: Pie Kamau | hits: 4373 | Tags:
Financial Services
Fintech
October 2021
Tech
USA
Venture Capital & Private Equity

Able, the first income management platform designed for the new economy of independent workers has raised $3.29 million in seed funding led by Elefund with additional backing from Moonshots Capital, Next Coast Ventures, Signal Peak Ventures, and U.K. based LocalGlobe. The funding will help launch Able into the estimated $100 billion creator economy total market.

Vince Cortese, CEO, Able: "We raised pre-seed funding in 2020 and spent the year, mid-pandemic, building a highly scalable and secure product. We set out with a goal of creating a product our users love enough to share, and when we decided to raise capital and chose Elefund to lead the round, we were excited that they loved it enough to not only share it but to invest in it as well. Those who hone their craft, pursue their passion, and chase their dreams are shaping the future of work, but the current financial system views them as a risk, and the current rules and regulations make their lives needlessly complex. As a CPA dealing directly with independent creators and workers of all kinds, I have seen how managing money, getting paid, dealing with taxes, and accessing other financial products like credit and loans are all harder for independent workers. It's time to change that."

A number of other investors comprised of seasoned entrepreneurs and content creators also participated, including founding COO of Robinhood Nathan Rodland, YouTube co-founder and former CEO Chad Hurley, Twitch Co-founder and former COO Kevin Lin, YouTube superstars Evan Fong (VanossGaming), Phil DeFranco, Casey Neistat, Arif Lopez (Azzerz), plus TikTok sensation Kris Collins (Kallmekris). Combined, the group of 30+ creator investors have more than 200 million followers.

Angelo Pullen, Co-founder, Able: "Our purpose is not only to build the most effective tools to empower independent workers to manage their finances more simply, but also to celebrate those who choose to live a life without limitations. We are excited about this new generation of creators, makers, and freelancers, and those who believe freedom and security are one and the same. We love the idea of individuals choosing freedom in work, and we are committed to ensuring those individuals who pursue their passions are able to do so successfully."

Launching as a mobile app, Able is a central hub for independent workers to manage the entirety of their uniquely complex financial lives, providing the benefits of traditional employment while unlocking the freedom and flexibility of freelance work through a simple and elegant user experience. Founded by Vince Cortese and Angelo Pullen, Able was created in 2019 after the pair exited their roles as CFO and CEO/Co-Founder of an LA-based influencer-driven entertainment company.

Nathan Rodland, Founding COO, Robinhood and General Partner, Elefund: "Elefund has been investing in Vince and Angelo since the early days of Able, and we're thrilled to have led their seed round. The fact that some of the most impressive, successful creators have joined to invest in Able is proof that the founders have already built a trusted brand that's doing something incredibly valuable for independent workers. Able is truly the right brand at the right time for the future of work."

www.able.com