The Multi-Million Dollar Partnership That Started With a Cold Call
In October 2020, we announced our Series A, bringing in almost $10M from investors. Simultaneously, we announced a first-of-its-kind partnership with Green Dot Corp. (NYSE: GDOT), a neo bank powered by fintech that served as our lead investor for our Series A.
To say this was a special kind of partnership between Green Dot and Gig Wage is true, but to say this relationship between two very different CEOs was unique, is an understatement.
When recently asked to comment about Gig Wage, Dan Henry, President and CEO of Green Dot, stated:
“We’re thrilled to invest in and partner with a high-growth company like Gig Wage. The Gig Economy is a growth wave and presents tremendous opportunity to deliver on our mission of seamlessly connecting more people to their money. Gig Wage represents a key component and critical partner to our strategy and bet on the space.”
If you’re anything like us, a good origin story is always interesting. The dynamic Green Dot and Gig Wage relationship didn’t just happen in a traditional way. Big partnerships never do. HOW Green Dot came to invest in and partner with Gig Wage is a story that doesn’t disappoint. As it turns out, it’s an inspiring story about audacity, grind, the perfect timing, and an unsolicited, but very welcomed, LinkedIn message from Gig Wage Founder and CEO, Craig J. Lewis, that kicked things off.
Here’s how it happened:
March 2020 — Dan Henry is appointed president and CEO of Green Dot.
April 2020 — After reading an article about Green Dot’s C-suite changes and realizing that he and Henry were aligned in their shared desire to help low-to-moderate-income Americans improve their financial situations, Lewis sends Henry a congratulatory message with a light business pitch via LinkedIn. Henry responds the next day with a mutual interest in connecting and the two take their conversation to email. Soon after, they’re brainstorming business deals via Zoom on the weekends. #moderndaycoldcall
June 2020 — Lewis suggests that Green Dot makes a minority investment in Gig Wage. Henry agrees but insists that Green Dot can provide more than capital, so they begin to define an investment as well as a corporate partnership.
June proved to be an eventful month as the two sides agreed on terms and conversations between the two CEOs started to feel more and more like an official partnership. During this time, Henry introduces Lewis to the head of GO2Bank.
July 2020 — Official Green Dot investment docs are drawn up. Meanwhile, Lewis continues to grind by getting more investors to buy into Gig Wage.
September 2020 — Terms around the corporate partnership continue to develop.
October 2020 — The Series A funding round comes to a close and the total investment along with the Green Dot partnership are announced in a Bloomberg article.
The rest is history.
Stories like these are proof that being bold enough to put yourself out there at the right time as our Founder and CEO did, can result in life-changing action. There’s also something to be said about a brand new President and CEO of a publicly-traded company who’s open and willing to take a chance on a cold message from an ambitious entrepreneur.
Fast forward to today, this budding partnership is almost 6 months old and is off to a great start. There are some amazing projects in the works; like our recent co-branded media tour to support the launch of Green Dot’s latest product, GO2Bank. GO2Bank is a modern, mobile banking solution for everyday Americans and it makes perfect sense for us to join forces. So, our Founder and CEO, Craig J. Lewis was asked to become the spokesperson for this media tour and truly speak to the need for this kind of product in the market. Not only is Gig Wage building products to pay and serve the underbanked community, but Lewis grew up with Green Dot cards in his home. It was an extremely unique activation that was a huge success and well received by the community.
In a recent interview, Lewis reveals:
“…I’m excited about our partnership with GO2Bank. We’re helping over 100 million Americans get access to easy banking.”
Off the heels of a wildly successful media tour (stayed tuned…there is more to come), Green Dot and Gig Wage are preparing for the next big activation around the partnership, a co-branded pay card for independent contractors. This moment is opportune for many reasons, not the least of which is helping gig workers get access to their money and bank accounts. No official launch date has been set, but check in with us early fall.
We’re very excited to see where this partnership journey will take us as we continue to proudly build the bank of the gig economy, and while this collaboration is laser-focused on helping underbanked and unbanked gig workers get access to financial tools that enable financial stability and independence, we’re remaining passionate about driving economic empowerment for all.
