Fintech

Gig worker fintech MyGigster raises $1.1 million Seed round

- January 29, 2025 2 MIN READ
MyGigsters founder and CEO Benjemen Elengovan
MyGigsters, a fintech the helps gig economy workers track their income and spending to build financial security, has raised a $1.1 million Seed round.

It leverages real-time data on earnings, expenses and work history, alongside advanced analytics, to provide hyper-personalised insights for people to improve their financial wellbeing.

The fintech launched in 2022 with pre-Seed investments from Antler, LaunchVic, Startmate and angel investors. Angels, existing and new, and customers backed MyGigsters for this round on a SAFE note.

Founder Benji Elengovan, a former Commbank’s Young Hero Awards Entrepreneur of the Year, said the funding comes at the perfect time as they scale to empower gig platforms and businesses with embedded financial solutions.

He describes MyGigsters, as delivering “employee-like” benefits to gig workers and independent contractors.

“Our mission is to create a safer, more financially secure gig workforce. With this support, we can expand our solutions in Australia and globally while collaborating with financial service providers to build a tailored embedded finance ecosystem for gig workers,” he said.

“Building a fintech is tough—especially in a shifting regulatory and capital landscape. Over the past two years, we’ve faced challenges, tested multiple solutions, and learned from both failures and customer insights.

“But our obsession with solving financial security for gig workers has led us to build the most comprehensive embedded finance platform for the gig economy.”

The startup is preparing to launch its embedded financial services globally, having secured 15 Memorandums of Understanding in multiple countries.

Elengovan plans to integrate with gig platforms and marketplaces to offer solutions such as instant payments, early pay access, embedded insurance, benefits, rewards, automated tax
management, savings, and compliance.

The funding will accelerate partnerships with clients spanning delivery, healthcare, creative marketplaces, and on-demand services.

They include Locumate, a SaaS hiring platform for on-demand healthcare professionals, cofounded by Surge Singh.

“This collaboration enables us to automate and simplify critical administrative tasks such as invoicing, payments, and benefits management,” he said.

“By doing so, we empower healthcare professionals to focus on what truly matters—providing exceptional patient care.”

David Orth, both a customer and investor, said MyGigsters “is building what the future of work will depend on – bringing financial services and security to non-traditional workers. The key to embedding tax accounting, embedded finance mimics the benefits independent contractors would get in a 9 to 5 employment.”

Fellow investor and customer Antonio Separovic, CEO and founder of Oradian, praised Elengovan as “doing incredibly important work” for the gig economy

“The individuals who rely on the gigs are well overburdened with admin to participate and process their livelihood at an extremely high fee,” he said.

“MyGigsters makes this seamless, simple, and cost-effective. It’s a smart, profitable business with a real-life impact. I’m glad I can support it.”