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Industry

Fintech

Company Type

Payments/Billing

Size

$2.5 Million

Investment Type

Reg D

Overview

Gigafin is raising $2.5 million to create an online platform and mobile app for better income opportunities and work experience for on-demand labor workers. Enhances the platform economy experience for on-demand labor platform customers.

  • Mobile app that drives platform customers to make frequent and sizable gratuity payments to platform workers digitally and in a direct, secure and convenient manner through the use of smartphones

  • Presently, both platform workers and platform consumers heavily rely on on-demand platforms to manage and regulate the commercial relationships between the two

  • Unfortunately, excessive control exerted by on-demand labor platforms has created serious problems for platform workers (low pay) and customers (uneven quality of services)

  • Gigafin’s mobile app will solve financial and other work-related issues for platform workers, while also allowing platform customers to directly influence the quality of the labor and services they receive from platform workers

Opportunity

  • The initial target market is the US gig and independent contractor workforce that secures low-complexity work through digitally mediated on-demand labor platforms and the consumers who hire them through such platforms

  • In 2023, the transportation, meal delivery and grocery delivery sectors of the platform economy had approximately $116 billion in consumer spending

  • Approximately 4% of US adults (10.3 million people) are regular and consistent platform workers in the transportation, meal delivery, grocery delivery and household services sectors of the US platform economy

  • Approximately 11% of US adults (22 million) are platform customers

  • The total amount of gratuity/tip payments that move across digitally-mediated on- demand labor platforms annually is estimated to be approximately $5-$6 billion

Solution

The Gigafin Mobile App is a cutting-edge platform and mobile application designed to revolutionize the income opportunities and work experience of platform workers, while transforming how platform consumers engage with the gig economy generally and the platform economy specifically.

  • Decreases the economic dependence that platform workers currently have on the platforms

  • Addresses inadequate pay for platform workers by proactively encouraging tips from platform customers and by making additional economic benefits available to platform workers away from the platforms

  • The Gigafin Mobile App facilitates direct, secure digital gratuity payments from platform consumers to platform workers, disrupting the on-demand labor platforms’ role as the sole digital intermediary in payment transactions between platform workers and platform customers

  • Platform workers will pay Gigafin a facilitation fee of approximately 7% of a digital gratuity payment that they receive from customers

Strategic Advantages

Gigafin’s innovative mobile app caters to both platform workers and platform customers, addressing platform worker earnings and platform customer service quality concerns and issues.

  • Brand community hub for platform workers by fostering loyalty and retention, making it possible to offer additional products and services in the future like debit cards and investment accounts

  • Management team has extensive experience. Over 40 years of combined experience in start-ups, public companies, accounting, legal, corporate finance, strategic planning, and business acumen, enables us to swiftly adapt, synthesize information, and make informed decisions

  • Robust composable infrastructure, leveraging the API marketplace and integrating on-demand services from the Cloud and external APIs to swiftly deploy new features

Management Team

John W. Martin

Co-founder, Chief Executive Officer, Chief Financial Officer and Director

Prior to becoming an executive officer, was the principal of the Law Office of John W. Martin, a Los Angeles-based law firm founded in 1990 that specializes in intellectual property law, labor law, corporate law, state and federal securities law, mergers and acquisitions, and the reorganization and recapitalization of public companies. Was a Senior Associate in the corporate and securities group of the international law firm of Baker & McKenzie. Served as a director of a Nasdaq traded company, and has served on, or has advised, board of directors’ audit, compensation and nominating committees. JD from the University of California, Davis, School of Law and his BA from Lake Forest College. Member of the State Bar of California and the Bar of the United States District Court for the Central District of California.

Kaelin N. Lau

Co-founder, Chief of Staff, Chief Branding Officer and Corporate Secretary

Joined while John became the CEO. Prior to joining, was a teammate with John for over ten years in other ventures, including startup opportunities in the health, aesthetics and environmental sustainability spaces. Responsible for the development and implementation of the Gigafin brand image and experience and for developing plans to make sure that throughout the development cycle of the Gigafin brand, the brand will maintain its intended relationship with the users of the Gigafin Mobile App. Responsible for company-building tasks, including acting as chief communicator with the company’s technology partners, outside consultants and service providers, and shareholders and other major stakeholders.

Learn More About Gigafin

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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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