Able, a fintech startup based in San Jose, has raised $3.2 million in seed funding to change how income is managed by creators in the new content economy.
The funding round was led by Elefund with participation from Moonshots Capital, Next Coast Ventures, Signal Peak Ventures, and U.K.-based LocalGlobe. As Able is yet to launch its platform, the capital will boost its efforts to disrupt the creator economy market, which is estimated to be worth $100 billion.
Nathan Rodland, founding COO of Robinhood and a General Partner at Elefund, referred to the firm’s participation by stating:
“Elefund has been investing in Vince and Angelo since the early days of Able, and we’re thrilled to have led their seed round. The fact that some of the most impressive, successful creators have joined to invest in Able is proof that the founders have already built a trusted brand that’s doing something incredibly valuable for independent workers. Able is truly the right brand at the right time for the future of work.”
Able was founded by Vince Cortese and Angelo Pullen in 2019 with the mission to boost financial literacy among future generations. The startup aims to do this by providing a comprehensive platform that facilitates the solving of complex problems. The platform allows its users to easily calculate taxes, calculate quotes, easily calculate balances distributed across multiple platforms, create invoices, and more. Cortese said in this regard:
“Those who hone their craft, pursue their passion, and chase their dreams are shaping the future of work, but the current financial system views them as a risk, and the current rules and regulations make their lives needlessly complex. We set out with a goal of creating a product our users love enough to share, and when we decided to raise capital and chose Elefund to lead the round, we were excited that they loved it enough to not only share it but to invest in it as well.”
According to Influencer Marketing Hub, the creator economy has a market size of around $104.2 billion, which has prompted venture capitalists to invest over $800 million in startups looking to partake in the industry. While creators can now pursue their passion while generating more than sufficient income, financial institutions and platforms have failed to keep up to date when it comes to making income management easier.
With most creators relying on multiple platforms to reach their audience, creators are not forced to go through different platforms but also keep multiple factors in mind due to the changing terms and conditions. Able makes the process easier for these creators by providing them with personalized recommendations, facilitating the analysis of data, and taking care of complex accountability issues. By doing this, the platform allows its users to focus on the efforts that really matter to them and their audience: content creation.