500’s Demo Day Batch 16 >> Qwil
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500’s Demo Day Batch 16 >> Qwil
- 1. Instant Pay for Independent Contractors Instant pay for independent contractors
- 5. Johnny Reinsch Schemer Trevor Branon Finance Unicorn Paul Tiplady Hacker Wiki Chaves Product Genius johnny@qwil.c o angel.co/qwil
Editor's Notes
- Final countdown / I don’t think ICs should have to count the weeks / months until their invoices are paid.
- Stress problem: Treated like vendors and lumped into the invoicing cycles along with the vendors. At Qwil, we recognize that these ICs are people, NOT vendors. These are individuals with kids, mortgages, business expenses and missing payments can lead to disastrous financial consequences.
- Very simply, access your earnings through the qwil app and get paid to a bank account next day or to our debit card instantly. A lot more is happening on the back end to make this experience so simple and we 1) have found a way to acquire 1000s of independent at a single time and 2) at zero marginal cost of underwriting. Instant pay is just the beginning. We’ll be expanding to savings and credit within the next year.
- 100 contractors in beta and we have a pipeline of 10,000 contractors we’re trying to provide service for, representing aggregate annual income of $1B. This is a $50M annual revenue opportunity for working with our existing customers ONLY. How do we finance this? We have access to $50M in credit and are planning to make our first draw of $1M to accommodate our beta customers needs in the short term.
- This is a highly regulated industry and a complicated financial product. We are the team to do it, with backgrounds spanning payments, finance, legal, high uptime engineering and fintech products. We have also partnered with leading banking institutions
- Liquidity is just the beginning / come talk to us about the future of financial services for independent contractors.