Toronto fintech startup Moves has launched The Moves Collective, a radically new and mold-busting service that enables gig workers to earn shares in the enterprises that they power, such as Uber, Lyft, DoorDash, and Grubhub.
Moves is an all-in-one financial app for gig workers to track and manage their money. Built exclusively for gig workers, Moves provides them with income insights across 15+ gig platforms, a no monthly fee spending account and instant business cash advances up to $1,000.
Uber, DoorDash and the rest of these ride-sharing and delivery firms have seen colossal success, yet too little of their profits have trickled down to workers, the people driving and delivering.
With this new feature, these gig workers as shareholders will wield greater power to influence management decisions and help shape the future of the gig economy.
“Many of these large gig companies have talked about issuing shares to their workers, but done very little to make it happen,” said Matt Spoke, CEO of Moves.
“The Moves Collective is the logical next step for gig workers because ultimately they’ll need a unified voice to ensure that they’re economically valued by these companies. After all, it’s their time, passion and energy that drives the gig economy. Up to now, nobody has recognized those contributions in any meaningful way. The Moves Collective changes that.”
For now, The Moves Collective is an invite-only program that already owns a significant and growing stake in Uber, Lyft, DoorDash and Grubhub. The service enables workers to accumulate free shares in these companies, via a partnership with Bumped Financial, as they earn and manage their money within Moves.
Gig workers can access Moves via iOS and Android mobile apps.
The Moves Collective enables millions of gig workers to become shareholders, and in parallel, Moves will propose proxy material submissions at the annual general meeting of the major platforms. There, Moves will ensure that the interests of gig workers are heard, and ultimately voted on. In this way, workers can strive to move the gig economy in their favor.
Moves is headquartered in Toronto with a world-class team of 35, who aspire each day to improve the gig economy for its workers. The team is led by CEO Matthew Spoke.