The simplest way to explain what we’re building at Moves is a Digital Credit Union for Gig Workers.
Part of that might come across as obvious, but let’s break down what we mean by that.
First of all, we exist exclusively to serve Gig Workers.
Secondly, no surprise, Moves is a Digital Product. Gig workers live off their phones, so Moves meets them where they are. No branches, no paperwork, no monthly fees.
Now it gets more interesting. We’re very intentional in choosing the term Credit Union, but also explicitly including the term Union.
Historically, credit unions have been regional financial institutions that existed to serve a specific demographic. Think “Frontier Farm Credit in Eastern Kansas.” Credit unions recognized that certain demographic groups have unique requirements. But they were also historically geographically constrained based on the location of a branch, and because of a lack of technology and digital distribution.
In building a Digital Credit Union, we envision being able to support gig workers across the country (eventually across the world) and tailor our products to your unique requirements. We’re off to a good start. We already have Members in all 50 states.
But credit unions are more than just niche local banks. They also approach their relationship with their customers completely differently. “Members” in credit unions are not only customers but also owners.
Ownership is an important part of our strategy. You’ve already seen us release a first-of-its-kind feature that allows gig workers to earn stock* in the companies they power. Uber, Lyft, DoorDash, Grubhub, and the list will grow.
But more ambitiously, we intend to design our business such that our Members become Moves owners as well.
Finally, on its own, we emphasize the word Union.
Although we are not a labor union, we see an important vacuum that needs to be filled to provide a genuine and legitimate voice to demand change for gig workers. But our approach will be rooted in economics and a balanced objective that results in a sustainable gig economy for both workers and the companies enabling these marketplaces.
And as part of this strategy, again, we see ownership being critical. But beyond the individual merits of owning stock, we’re bullish on what can be accomplished when we pull together millions of owners into a collective voice.
So, what does that mean for you?
Simply put, we want to make every gig worker an owner; an owner in gig company stock, AND an owner in our business.
By joining Moves, you’re unlocking this claim; that’s right. And better still, it will cost you nothing.
We’ll dig in further in later posts to better understand the financial products we’re building for gig workers and the tangible ways we’re working to unlock ownership on our path to fixing the gig economy.