Every once in a while, I like to highlight a fintech I’ve never heard of. Today’s candidate is TaskPay.
Founded in May of last year, TaskPay is on a mission to build trust into contracts and talent payouts. What does that mean, exactly? TaskPay has built a platform to allow users to create instant, escrow-like milestone contracts for gig workers or to send peer-to-peer payments.
By serving as a middle-man, TaskPay secures funds from the party making the payment, while waiting to release the funds until the recipient has completed the contract requirements. This protects both parties by ensuring that the payer isn’t receiving work and refusing to pay, and also ensuring that the payee isn’t taking the funds without completing their end of the contract.
Taskpay facilitates payments made using cryptocurrency, debit or credit card, PayPal, ACH transfers, or wire transfers. It also helps users without a bank account to withdraw funds onto a prepaid Mastercard or Visa card.
What’s more, Taskpay members can use the platform to find talent. The company’s AI connects users with the right gig worker for the job by analyzing chat data, disputes, ratings, reviews, job timelines, and more.
TaskPay’s emergence aligns with today’s digital-first era, offering a fundamental solution to solve trust issues in contractual agreements and gig worker payments. In the growing gig economy, TaskPay safeguards both parties from potential exploitation or non-compliance. In a world where digital interactions are commonplace, TaskPay is well-positioned to succeed as a player in the evolving fintech arena.
Taskpay is headquartered in Wyoming and was founded by Aaron Andrew and Kerim Eravci.
Photo by Brett Jordan on Unsplash