Mission Lane, a purpose-driven financial technology company, 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.
“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”
Mission Lane provides 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.
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According to a 2021 study from Pew Research Center, 16 percent 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.
“Gig work is hard enough as it is. Through Earn, we are eliminating the added burden of managing multiple work opportunities across different platforms,” said Lisa Fischer, Chief Lending and Growth Officer at Mission Lane. “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.[1] 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.