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Since the start of the pandemic, the number of unincorporated self-employed workers has risen by 500,000 to 9.44 million, according to data from the Bureau of Labor Statistics, drastically changing the financial dynamics for the self-employed. I spoke with Vince Cortese and Angelo Pullen, co-founders of Able, to see how they're helping creators and freelancers with this firsthand.
Able is the first income management platform built for the creator economy and independent workers of all kinds. Its sole purpose is to build the most effective tools to empower the creative and freelance workforce to better manage their finances with simple and elegant tools that solve complex problems.
The app provides the financial benefits of traditional employment while unlocking the freedom and flexibility of freelance work through a simple and elegant user experience. The platform includes four critical tools that solve complex problems, simply - Tax Pass, Calculate, Balance and Invoice.
We’ve seen a meteoric rise in people pursuing their passions and entrepreneurship during the pandemic. Those who hone their craft, pursue their passion and chase their dreams are shaping the future of work, but the current financial system views them as a risk. Able aims to make a genuine and tangible impact on the current and future generations’ financial literacy and celebrates those who choose to live a life without limitations.”
The number of unincorporated self-employed workers has risen from 500,000 to 9.44 million during the pandemic, according to data from the Bureau of Labor Statistics (pdf). Also the creator economy is estimated at a $100 billion market size.
Able has raised a $3.2 million seed round led by Elefund with additional backing from Moonshots Capital, Next Coast Ventures, Signal Peak Ventures, and U.K. based LocalGlobe. The app received 15,000 installs in the first 72 hours with a 42.5% conversion rate. To date, Able has seen 700+ 5 star reviews. Some of Able’s most notable investors are comprised of seasoned entrepreneurs and content creators including founding COO of Robinhood Nathan Rodland, YouTube co-founder and former CEO Chad Hurley, Twitch co-founder and former COO Kevin Lin, YouTube superstars Evan Fong (VanossGaming), Mega YouTubers Phil DeFranco, Casey Neistat, Arif Lopez (Azzerz), plus TikTok sensation Kris Collins (Kallmekris).
By utilizing Tax Pass each time you receive an income deposit Able sends you a text message with the suggested amount of money you should set aside for taxes. Simply reply to the message and Able will move the money into a separate account in your name. The remaining balance in your account is a good approximation of what you can spend, worry free.
Yes! Able users receive personalized recommendations based on their unique situation and they have the ability to move money without even opening the app. Along with Tax Pass we also have a Calculator feature available. This helps you understand what to set aside before you are paid so you know how much to charge your clients. Just enter the amount you want to keep and the app will show you how much you should charge. Calculator also tells you what to set aside after you’ve been paid.
We also have two additional product features coming soon - Invoice and Balance.
Invoice: Add a description and an amount and send your invoice to clients via text or email instantly. With built-in payment processing you’ll get paid faster than ever. Before you send the invoice you’ll receive a breakdown of what you’ll keep versus what will be set aside automatically for you.
Balance: With so many different digital wallets (Venmo, Paypal, Apple Wallet, etc) and bank accounts, it’s hard to keep track of all your money. So Able created a space where they can live together. Whether you use a traditional bank, credit union, payment wallet or if you manage your money via a trading platform like Robinhood or TD Ameritrade, Able has you covered.
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