Company will use investment to expand its freelancer payment platform to respond to the increased demand for new software, compliance and payment solutions driven by the shift to flexible work.
NEW YORK — AllWork, the end-to-end platform that helps companies more efficiently and compliantly onboard, manage and pay their freelancer and contingent workforces, today announced the completion of a $4.9 million Series A funding round. AllWork will use the funds to expand its software, payment services and team to meet the increasing need by companies and freelancers for an easier way to work together.
The funding round was led by FINTOP Capital based in Nashville, Tennessee who completed the whole round. Chris Haley and Rick Holton from FINTOP will be joining AllWork’s Board of Directors.
“At AllWork, we believe that there is a huge opportunity to rethink how companies and freelancers work together. We have designed a platform purpose-built for onboarding, management, compliance, and integrated payments so companies and freelancers can manage their relationship all in one place,” said Glenn Laumeister, CEO of AllWork.
COVID-19 has accelerated the shift that was already taking place where by 2030 many studies predict that 50% of the workforce will be working flexibly as freelancers, contractors, consultants, and in other types of flexible work arrangements. Today, companies are struggling to manage this higher volume of flexible workers because they are using antiquated manual payment processes that don’t scale, and they lack any kind of software solution to handle all of the workflows, administration, data collection and reporting tasks needed to work with freelancers. In addition, regular payroll or PEO payment solutions were simply not designed to handle this new type of work and new type of legal or compliance talent relationship.
AllWork’s solution is unique in that it combines software, compliance and payments into one complete, easy-to-use, integrated solution that customers love because it can be implemented in just two weeks and requires no other integrations.
“We are seeing a major shift towards the use of freelancers in every type of job category, pay type, and skill level, and this macro trend fits perfectly with AllWork’s product that helps companies manage and pay any type of freelancer that they need,” said Chris Haley, Partner at FINTOP Capital. “We were impressed by the vision of the AllWork team and how their solution solves this increasingly painful problem for medium-sized and enterprise customers.”
For more information, visit www.allworknow.com
AllWork® is a total freelancer management and payments platform. We help companies more efficiently and compliantly manage and pay every type of freelancer they need for their business including all hourly, consulting, contract, and project-based workers for both short and long-term assignments across all job functions, skill levels, categories, and roles.
By providing one streamlined platform and one system of record, businesses can leverage the new Modern Workforce where the number of freelancers in the labor force will soon be equal to the number of permanent employees.
About FINTOP Capital:
FINTOP Capital is a venture capital firm focused on Financial Technology (FinTech) companies with offices in Nashville, Tenn., St. Louis, Mo., New York City, Jacksonville, Florida, and New Jersey. Run by financial leaders and operators who have built successful startups themselves, the firm understands the ups and downs of the startup world. They bring strong networks, experience and capital to entrepreneurs building B2B service-enabled SaaS and software companies in the FinTech space.