FinTech news in employment category

Despite concerns that the EWA technology is replicable, Aris Xenofontos, partner at Seaya, is of the belief that EWA is a defensible business model because the moving parts are complex enough to deter corporations from coming up with their own solutions. For accounts that start on an employee-pays model, employers will get a better understanding of how EWA improves employee productivity and retention over time. What we’ve found is that EWA startups typically service a mix of customers across both models, where the employer pays in some cases and the employee pays in others. Despite a few different EWA models seeing varying success at the moment, Ho believes the model that places the cost on the employer is the one that will win.

The latest to receive funding to continue developing its financial infrastructure for the freelance economy is Archie, which raised $4.5 million in funding from B Capital Group and others. As more people moved to remote work over the past few years, there was also an uptick in people choosing freelance or contract work, leaving companies to figure out how to manage that worker segment.