First-of-its-kind service empowers workers to earn shares in Uber, Lyft, DoorDash, and Grubhub to hand them unprecedented say in their futures
DOVER, Del., October 21, 2021--(BUSINESS WIRE)--Moves, a financial services company designed to meet the business needs of today’s gig workers, today announced the launch of The Moves Collective, a radically new and mold-busting service that enables gig workers to earn shares in the enterprises that they power, such as Uber, Lyft, DoorDash, and Grubhub. As shareholders, these workers – who have played such a critical role in the success of these companies – will wield greater power to influence management decisions and help shape the future of the gig economy.
Uber, DoorDash and the rest of these ride-sharing and delivery firms have seen colossal success, yet too little of their profits have trickled down to workers, the people driving and delivering. Gig companies typically pay very little, provide no health benefits or vacation pay and often aren’t transparent about tip distribution. These conditions have led to multiple and ongoing attempts in states such as California, Illinois, Massachusetts, New Jersey, and New York to reclassify gig workers as employees and provide them with basic rights.
"Many of these large gig companies have talked about issuing shares to their workers, but done very little to make it happen," said Matt Spoke, CEO of Moves. "The Moves Collective is the logical next step for gig workers because ultimately they’ll need a unified voice to ensure that they’re economically valued by these companies. After all, it’s their time, passion and energy that drives the gig economy. Up to now, nobody has recognized those contributions in any meaningful way. The Moves Collective changes that."
For now, The Moves Collective is an invite-only program that already owns a significant and growing stake in Uber, Lyft, DoorDash and Grubhub. The service enables workers to accumulate free shares in these companies, via a partnership with Bumped Financial, as they earn and manage their money within Moves. Gig workers can access Moves via iOS and Android mobile apps. The Moves Collective enables millions of gig workers to become shareholders, and in parallel, Moves will propose proxy material submissions at the annual general meeting of the major platforms. There, Moves will ensure that the interests of gig workers are heard, and ultimately voted on. In this way, workers can strive to move the gig economy in their favor.
Moves is an all-in-one financial app for gig workers to track and manage their money. Built exclusively for gig workers, Moves provides them with income insights across 15+ gig platforms, a no monthly fee spending account and instant business cash advances up to $1,000. Learn more about the Moves Vision.
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.
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 subsidiaries 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.
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Samuel Pajot-Phipps, VP Growth & Operations