US-based bank holding company Green Dot has forged a long-term partnership with and is investing in payments platform Gig Wage to bring better banking and financial tools to the global gig economy.

Green Dot is the lead investor in Gig Wage’s $7.5m Series A funding round, which also saw participation from Continental Investors, Techstars, Rise of the Rest, and others.

Under the strategic partnership, Green Dot will act as the infrastructure bank partner of Gig Wage.

It will enable Gig Wage to add banking solutions to its instant payments platform for gig workers.

Gig Wage will leverage the banking-as-a-service (BaaS) platform of Green Dot to deploy its own customised banking and money movement solutions for its growing customer base.

The company will also roll out a new debit card, which will be powered by Green Dot.

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The debit card comes with no monthly fee, free online bill payments, and free cash withdrawals at over 19,000 ATM locations.

Besides, it offers free cash pick-up service at more than 7,000 retail locations nationwide.

Additionally, Gig Wage will offer other products and tools tailored for gig workers and their employers.

Gig Wage founder and CEO Craig Lewis said: “As we laid the foundation to offer financial infrastructure for the ‘Future of Work,’ it was abundantly clear Green Dot was the best partner for us to help the most people.

“Our partnership with Green Dot will not only help us on our mission to increase the GDP of the gig economy, but also help us provide a financial social safety net for gig workers everywhere.”

Green Dot CEO Dan Henry said: “The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences.

“We are thrilled to partner with Gig Wage to grow this vertical and empower gig workers and their employers with faster, more seamless financial solutions.”