New offering designed to help relieve financial challenges for rideshare drivers and couriers caused by near doubling of prices at the pump
To offset the near doubling of prices year-over-year at the pump, Moves, an innovative financial services company designed exclusively to serve the needs of U.S. gig workers, today announced it is offering five percent cash back for all gas purchases. The surge in gas prices is causing a precipitous drop in take home pay for rideshare drivers and couriers, placing these independent workers in financial jeopardy.
Earners of Uber, Lyft, Doordash or other major gig platforms can download Moves and apply for the Moves Spending Account. Once approved, users will receive cash back on their very first gas purchase. A minimum spend or balance is not required and cash back rewards are added back to the gig workers’ accounts weekly.
In addition to providing cash back on gas purchases, Moves Spending Account holders also secure access to all the benefits the company offers its members, including cash advances, free use of ATMs, stock rewards in the companies they earn on and early access to weekly payouts.
“The rapid increase in gas prices over the past few months has taken a huge bite out of take home earnings for millions of gig workers,” said Matt Spoke, Moves’ CEO and founder.
“We’ve heard and seen how much this impacts their livelihoods, and as a company dedicated to the financial wellbeing of gig workers, we knew we needed to take immediate action.”
While some rideshare platforms have introduced customer surcharges to offset the surging gas prices, the increases are not enough to cover the additional costs drivers face.
The Moves’ debit card with five percent cash back delivers a higher percentage cash back than most debit cards and can be used at any gas station. Moves’ cash back reward is deposited weekly, making it an easy way to save money at the pump.
“Gig workers are getting squeezed right now,” added Spoke. “Companies that exist to support or service gig workers need to step up and help them during this time. Our cash back offering demonstrates our focus on solving critical and immediate challenges facing millions of gig workers. We heard their collective ask for help, and we responded.”
Moves is the all-in-one financial app built exclusively for gig workers. Moves’ members can manage their money better while earning free shares in the companies they work for.
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.
To be eligible for the Gas Cash Back offer, you must have a Moves Spending Account with Blue Ridge Bank, N.A. You will be eligible to earn Cash Back rewards on your very first purchase with the Moves Visa® Card provided your Account is open. No other eligibility requirements apply to the Gas Cash Back offer.
This Offer period is limited time and will be available from 12:00AM EST April 4, 2022, to 11:59AM EST June 3, 2022.
Moves Financial reserves the right to amend, withdraw or restrict the Gas Cash Back ‘Offer’ at any time without notice. Moves Financial is the sole arbiter of these rules, the calculation of ‘Qualified Gas Spend’ and any other issue arising in connection with the Offer. If Moves Financial suspects fraudulent or abusive behavior, gaming of the system or a violation of these terms, Moves Financial reserves the right to remove all promotions from the applicable Moves Spending Account and take any other action it deems appropriate including, but not limited to, closing the applicable Moves’ accounts. An invitation to participate in this Offer does not provide assurance that the invited customer will be accepted as a customer of Moves Financial or Blue Ridge Bank. Moves Financial’s standard terms (https://movesfinancial.com/legal/) relating to your use of Moves and any agreements that apply to the Moves Spending Account each apply and are not affected in any way by this Offer.
For the purposes of the foregoing, Moves Financial is acting as an agent of our bank partner, Blue Ridge Bank, N.A.
Moves Financial is a financial technology company and is not a bank. Banking services are provided by Blue Ridge Bank N.A; Member FDIC. The Moves Financial Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Cash advances are provided by Moves Financial, not Blue Ridge Bank N.A.
Brokerage services and products are provided through Bumped Financial LLC, member FINRA/SIPC. More about Bumped Financial LLC is available on FINRA’s BrokerCheck. Mention of any specific stock or holding is for illustrative purposes only and not an investment recommendation. This is not an offer to buy or sell securities, or to open an account where Bumped Financial LLC isn’t registered. The Bumped app and website are operated by Bumped, Inc. Bumped Financial is a wholly owned Subsidiary of Bumped, Inc. Moves is not an affiliate or subsidiary of Bumped, Inc. or Bumped Financial.
Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Past performance is not a guarantee of future results. Neither Moves nor Bumped financial offers investment advice. Accounts are self directed. Individual investors should consider the risks and benefits associated with any investment or strategy and weigh potential benefits of investing against the risks associated with any investment. Risks include loss of the total value of the investment.
Accumulation of collective voting shares is not a consideration when determining the appropriateness of owning a particular stock. Investors should prioritize their individual investment objectives and personal investment considerations when deciding whether to buy, hold, or sell any security. Individual investors should consider the merits of a particular investment as it relates to their individual investment goals, overall financial situation, and appetite for risk.
Samuel Pajot-Phipps, VP Growth & Operations