DoorDash (NYSE: DASH) announced on Monday it has teamed up with global fintech Payfare to launch the DasherDirect platform. According to the duo, DasherDirect is a banking solution for DoorDash delivery drivers (aka Dashers) offering a business prepaid Visa card and mobile banking app. The platform also offers Dashers no-fee deposits of their DoorDash earnings.
“DasherDirect is a card designed specifically for Dashers. With the DasherDirect Business Prepaid Visa Card, every day is payday, with earnings automatically added to the DasherDirect Visa Card daily at no cost to the Dasher. Dashers can check their balance, pay bills, transfer money, set savings goals and find no fee ATMs on the go, without worrying about overdraft fees or minimum account balance requirements. Dashers also earn 2% cash back on fuel at any station, any time.”
While sharing more details about the collaboration and platform, Marco Margiotta, CEO of Payfare, stated:
“We are committed to providing innovative solutions for gig workers that drive financial inclusion, which is why we are thrilled to partner with DoorDash and announce this major initiative,” said . “Since the inception of Payfare, we have quickly become a name synonymous with digital banking and instant payout solutions for the on-demand gig economy.”
Tony Xu, CEO and Co-Founder of DoorDash, further commented:
“Over seven million households in the U.S. are without a checking or savings account*, and with the support of our partners we’re proud to provide financial resources to more Americans looking for flexible earnings opportunities. This is a major step forward in introducing new tools to empower Dashers who count on DoorDash for reliable, independent and flexible work.”
The DasherDirect app is available for iOS and Android mobile users on the Apple App Store and Google Play Store. The DasherDirect Business Prepaid Visa Card is issued by Stride Bank, N.A., member FDIC, pursuant to a license from Visa U.S.A. Inc. DoorDash, together with Payfare and Visa, will continue to add exclusive rewards to the DasherDirect program over the coming months.