You work differently. We do finance differently.

About Moves Financial

Moves is a financial services platform for independent “gig” workers. Overlooked or ineligible for products offered by traditional financial institutions, this rapidly expanding demographic needs modern financial products designed to support them on their paths to career fulfillment. Without relying on outdated credit scores, our products are designed so that we can get to know our users better over time, and help them establish a new financial reputation.

Location: Toronto

Year Founded: 2020

Vertical: Personal Finance

Employees: 1 – 10

Website: Movesfinancial

Social Media:

Problem

Independent workers face tremendous obstacles accessing routine financial products and services that meet their unique needs. This is caused by the distinctive characteristics of independent work; multiple income sources, volatility, sole proprietorship, disparate data, and a reliance on technology platforms. Being so different in characteristics than traditional employment, traditional financial institutions generally categorize this demographic as high risk, and as a result, independent workers are dramatically underserved. Risk models like FICO have not kept up with the rate of change occurring in the labor markets, and as a result have left tens of millions of independent workers on the fringe of the financial system.

Independent workers in need of credit have had to utilize payday-style lenders charging exorbitant interest rates, credit cards (if approved) and friends and family. Beyond the need for personal credit, this demographic is also at a disadvantage when it comes to insurance, mortgages, retirement savings, and so many other areas that many people consider their “safety net”. This is a massive, growing market with existing providers who either refuse to serve them or who choose to pillage them.

  • Startup Pre-revenue 100% 100%
  • Startup Post-revenue $1 – $2M 0% 0%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%

Core Benefits

To support this labor shift with relevant financial products, we need to holistically understand who these people are and how they make money. We will accomplish this by rooting every one of our products into a common platform that captures all relevant data about our customers and organizes it into profiles and financial reputations. Gathering relevant data and key indicators about our customers’ work, income, spending, and social habits, we’re then able to qualify them for the most relevant products.

Building off our first products, customers will develop a financial reputation within the Moves platform, against which we will build and offer new products that extend into other financial verticals. Workers can view the sum of their work effort over time and across various markets, effectively giving them ownership over their established work experience, reputations, and earning history.

Over time we see a future state where gig workers are provided with access to all of the various advantages of traditional employment, with the added benefits of flexibility and autonomy — all with a view towards helping these workers grow in their gig careers and establish more stability, earning capacity, and personal fulfillment.

Milestones

– December 2019: Started ideating Moves, with an anticipated Fall 2020 launch
– March 2020: Launched Moves website as a COVID-19 information portal
– April 2020: Launched phase 1 of Moves (personal unsecured loans) in response to the COVID-19 crisis
– May 2020: Launched a new loan product into market
– June 2020: Expansion into Alberta and British Columbia

Ideal Customers

Consumers (B2C) 

Problem

Independent workers face tremendous obstacles accessing routine financial products and services that meet their unique needs. This is caused by the distinctive characteristics of independent work; multiple income sources, volatility, sole proprietorship, disparate data, and a reliance on technology platforms. Being so different in characteristics than traditional employment, traditional financial institutions generally categorize this demographic as high risk, and as a result, independent workers are dramatically underserved. Risk models like FICO have not kept up with the rate of change occurring in the labor markets, and as a result have left tens of millions of independent workers on the fringe of the financial system.

Independent workers in need of credit have had to utilize payday-style lenders charging exorbitant interest rates, credit cards (if approved) and friends and family. Beyond the need for personal credit, this demographic is also at a disadvantage when it comes to insurance, mortgages, retirement savings, and so many other areas that many people consider their “safety net”. This is a massive, growing market with existing providers who either refuse to serve them or who choose to pillage them.

Core Benefits

To support this labor shift with relevant financial products, we need to holistically understand who these people are and how they make money. We will accomplish this by rooting every one of our products into a common platform that captures all relevant data about our customers and organizes it into profiles and financial reputations. Gathering relevant data and key indicators about our customers’ work, income, spending, and social habits, we’re then able to qualify them for the most relevant products.

Building off our first products, customers will develop a financial reputation within the Moves platform, against which we will build and offer new products that extend into other financial verticals. Workers can view the sum of their work effort over time and across various markets, effectively giving them ownership over their established work experience, reputations, and earning history.

Over time we see a future state where gig workers are provided with access to all of the various advantages of traditional employment, with the added benefits of flexibility and autonomy — all with a view towards helping these workers grow in their gig careers and establish more stability, earning capacity, and personal fulfillment.

Ideal Customers

Consumers (B2C) 

Milestones

– December 2019: Started ideating Moves, with an anticipated Fall 2020 launch
– March 2020: Launched Moves website as a COVID-19 information portal
– April 2020: Launched phase 1 of Moves (personal unsecured loans) in response to the COVID-19 crisis
– May 2020: Launched a new loan product into market
– June 2020: Expansion into Alberta and British Columbia

  • Startup Pre-revenue 100% 100%
  • Startup Post-revenue $1 – $2M 0% 0%
  • Scaleup $2M – $10M 0% 0%
  • Scaleup $10M+ 0% 0%