Challenger banks have become all the rage recently with big fundraising rounds and innovative products; American Banker takes a look at some of the top digital banks servicing the gig economy; Qwil and Oxygen started in similar ways after their founders could not secure credit even when they had healthy incomes and good credit scores; Cogni and Joust aim to help offer a better banking experience with deposit accounts and payments options that service their core customer; one thing all these firms have in common is they serve the new gig economy workers who have uneven incomes and work multiple jobs; they look at individuals entire financial picture and not conform them to a credit box of traditional workers who get paid every two weeks; 36 percent of U.S. workforce are currently in the gig economy and within the next 7 years that number could be 50 percent. Source.
