Pallo.com, which bills itself as an all-in-one software-as-a-service platform for freelancers, launched Monday, January 24, on the Product Hunt website.
“COVID has accelerated the transition to remote work as workers across the country transition from traditional jobs to freelancers,” the company said in a press release. “Although independence allows for creative freedom, flexibility, and financial independence, people often feel overwhelmed with managing their finances.”
Read more: In-depth analysis: how real-time payment systems can solve payroll problems in the gig economy
PYMNTS’ own reporting confirms this. As we saw last year, even in the best of cases, freelancers often lack the comforts that employees enjoy: health insurance and paid holidays, for example.
They also deal with pay delays and interruptions. Only 15% of gig workers have enough savings to cover emergencies, while 29% said they took out payday loans.
Pallo says its app manages business and personal finances, accounting, and taxes in one place, eliminating the need for additional financial software.
The company says it has scaled rapidly during the pandemic, growing its team to 40 members, including veterans from companies such as Intuit, H&R Block, Microsoft and Credit Karma.
Pallo says it is one of the first US companies to use open banking, which allows customers to freely transfer money between bank accounts within its platform and manage multiple businesses from a single account.
“Pallo is built from the ground up with user experience design and security at its very core,” said Pallo co-founder Adiraj Gupta.
“We worked with freelancers every step of the way to ensure that every click, tap or swipe was intuitive and simple. On average, Pallo reduces 5-7 apps and subscriptions that freelancers might use to run their business This all-in-one experience has saved time and money for freelancers currently using Pallo.”