Artist Growth and Payfare Announce Partnership to Launch First-of-its-Kind Digital Banking App for the Creator Economy
NEW YORK and TORONTO, Dec. 6, 2022 /CNW/ - Artist Growth Inc., a high growth collaboration and business platform for labels, artist managers, and creative teams and Payfare Inc. (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced that they have partnered to launch the Artist Growth Wallet, an industry-first financial platform for artists and creators offering a business Visa card with no monthly fee digital banking and faster access to earnings.
The Artist Growth Wallet, launching this December, will enable artists and creators to have faster access to their earnings from content platforms such as social media, record labels, event venues and more. With an estimated 200M1 creators globally, the creator economy is sized at more than $104B2. In 2021, more than 43% of creators in the US earned over $50K in annual income or higher. In an industry poised for exponential growth, the Artist Growth Wallet offers artists and creators financial control and flexibility built with their unique needs in mind.
The Artist Growth Wallet will support best-in-class digital banking capabilities helping creators better manage their business while providing cash back rewards at hotels, travel, restaurants and more powered by Payfare's partnerships with Visa Savings Edge and Cardlytics.
"We believe partnerships can enable unique and powerful value for customers and our collaboration with Payfare embodies that spirit," said Artist Growth founder and CEO, Matt Urmy. "I am so excited for creators and businesses in our industry to get their hands on AG Wallet and experience its integration with Artist Growth Workspace, which will bring faster payments and save artists more money. Our mission is to support creators and their teams in achieving financial success, to further empower creative freedom for the world's artists, because society would be lost without them."
"As the consumer preference for digital payments becomes more prominent, and as the expectation of immediate access to earnings grows exponentially, we need to enable more workers in the gig economy with solutions that help them grow their businesses and thrive," said Marco Margiotta, CEO and Founding Partner at Payfare. "We work at the intersection of the gig economy and payments, disrupting the traditional notions of banking and pay cycles, and we are pleased to partner with Artist Growth, a like-minded organization to further extend this vision to the creator communities."
The Artist Growth Wallet app is available for iOS and Android mobile users on the Apple App Store and Google Play Store. The Artist Growth Wallet Prepaid Visa Card will be issued by Stride Bank, N.A., member FDIC, pursuant to a license from Visa U.S.A. Inc, and is subject to eligibility.
About Artist Growth
Artist Growth ("AG") delivers streamlined data management, business collaboration and financial tools for artists and their teams in an integrated, secure cloud-based platform. AG's tools are designed to empower artists and creators of all types and scale to sapphare information and coordinate their business activities in real-time within an efficient and flexible workflow environment. AG serves leading organizations in entertainment such as Universal Music Group and Warner Music Group. Learn more at www.artistgrowth.com.
About Payfare (TSX:PAY)
Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce. Visit www.payfare.com.
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