Mission Lane, a “purpose-driven” financial technology company, recently launched a series of product enhancements for its Earn app “to help people grow and optimize their income through a gig work discovery engine and an automated income tracker.”
Mission Lane aims to “provide high-quality, transparent, and data-driven products and experiences for people trying to build or rebuild their credit and improve their financial lives.”
Its Earn app, which launched in September 2021, is built “to help gig workers discover new gig opportunities and aggregate their earnings information across all jobs into one convenient dashboard.”
According to a 2021 study from Pew Research Center, 16% of Americans have “earned money via an online gig platform, a number that trends higher among those under 30 and people of color.”
As more individuals turn to gig work to meet basic needs in the current high-inflation environment or simply to earn some extra cash, they are “increasingly stressed by the time and effort required to ensure a source of income while tracking jobs across multiple gig apps.”
Lisa Fischer, Chief Lending and Growth Officer at Mission Lane, said:
“Gig work is hard enough as it is. Through Earn, we are eliminating the added burden of managing multiple work opportunities across different platforms. By providing a single source of personalized insights, Earn gives our customers the power to choose which opportunities best fit their lifestyle, clearly track their earnings and progress, and save time and money.”
Earn users will now have access to an income insights tool, called a “Daily Snapshot,” to help track when and where they are earning the most money, “allowing them to optimize their gigs for increased earning potential.”
For example, Mission Lane has found that 8:00 p.m. during a weeknight is “the optimal time for the average Earn user to make the most money, at approximately $25 hour per hour, compared to the median national gig worker hourly wage of $20 per an hour.”
This income tracking display also “enables customers to compare previous gigs through filters including pay, tips, hours, trips – providing an average hourly rate.”
Coupled with the ability to set flexible daily, weekly, or monthly goals, gig workers have the digital freedom “to determine and keep track of their income through Earn.”
Additionally, the app has “added over 100,000 job listings, increasing the opportunities available for people to find full- and part-time work.”
Earn has the ability “to provide these customized income dashboards through a partnership with Argyle, a leading employment data aggregator that provides companies access to user-permissioned employment data in real-time.”
Shane Holdaway, CEO of Mission Lane, said:
“As individuals deal with record inflation, gas prices and overall economic uncertainty, free offerings like Earn can help them manage the stress of making ends meet. We continue to evolve Earn with our customers’ needs, always looking for ways to tailor products to an individual’s unique financial situation.”
Earn is one of several products and services Mission Lane “offers to its customers. The company currently serves two million customers with its market-leading credit and debit card program.”