New Gig Worker App Offers Predictive Earnings and Income Guarantees

Jace Dela Cruz, Tech Times 14 July 2023, 07:07 am

A new gig worker app is providing enhanced financial management services for gig workers in the flexible job market.

Solo, a Seattle-based startup, has introduced its smart schedule and pay guarantee program in major metropolitan areas in California and New York City, offering gig workers predictive earnings and income guarantees, according to a report by Los Angeles Times.

Co-founded by Bryce Bennett and Keith Ng, both former employees of Uber and Convoy, Solo aims to empower gig workers by providing them with a new way of managing their work schedules and financial stability.

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$2 Billion in Earnings Data

Leveraging a vast dataset of $2 billion in earnings data collected from over 150,000 workers nationwide, Solo generates hourly predictions of potential earnings across various gig work platforms, such as ridesharing and delivery services.

The Solo app offers gig workers the flexibility to select their preferred jobs based on fluctuating wages. Going beyond this, the app enables workers to secure their anticipated income, as projected by Solo, for a specific gig work platform.

For instance, if Solo predicts earnings of $20 per hour for driving with Instacart from 9 to 10 a.m. the following day, gig workers can ensure these earnings by utilizing a credit worth 25 cents.

In the event that actual earnings are lower than the guaranteed amount, Solo compensates for the difference, while any additional earnings exceeding the prediction are retained by the worker.

The income guarantee feature is presently accessible to gig workers in select regions of California, including portions of Los Angeles and Orange counties, Riverside, San Diego, Sacramento, and the San Francisco Bay area. The Solo platform has already attracted over 8,000 workers in Southern California.

Available in Over 50 Metro Areas

To maintain the reliability of its earnings predictions, Solo has disbursed substantial sums to workers whose actual earnings did not meet the projected amounts.

Bennett expressed confidence in Solo's predictions, emphasizing that as more users join the platform, the accuracy of the predictions will improve over time.

The company's current goal is to run the pay guarantee program at a net neutral, offering gig workers a reliable and trustworthy floor for their earnings.

Bennett also highlighted the potential for workers to optimize their earnings by leveraging Solo's predictions, stating that some workers have seen a 40% increase in hourly earnings by selecting the right job at the right time.

Solo's predictive earnings and income guarantee services are now available in more than 50 major metropolitan areas across the US, with New York City being the most recent addition. In 2021, the company secured $5.3 million in seed funding to support its expansion and further development.