Craig J. Lewis, founder and CEO of Gig Wage, a platform that streamlines and manages payments for independent contractors, began his entrepreneurial journey in court. He played first division basketball in college. Over the years, he has honed the qualities necessary to create a successful company: teamwork, discipline and courage.
After graduation, Lewis easily transferred his passion for gaming to the business world, finding his place in the payroll and payments software industry at ADP. He fell in love with the technology and sold over $10 million worth of products in 12 years.
In 2012, Lewis wrote The Sports of Sales: How to Become a Sales Superstar. “I couldn’t help but notice the similarities between sports and business,” says Lewis. “An interview is like trying out on a team and you’re competing with other people.”
With a knack for sales and a keen understanding of payroll technology, Lewis took another risk. He shot himself just as he was climbing the ranks.
Lewis wanted to bring big ideas to life, so he decided to start his own company that focused on the needs of a growing but forgotten population. People avoided the traditional labor force and created their own sources of income. The gig economy has taken over. And as exciting as the move was, these new 1,099 workers also faced inefficiencies in the pay process.
So, in 2014, Lewis launched Gig Wage, headquartered in Dallas. It was the first payroll technology company to specifically serve independent contractors. With it, contractors can quickly and easily be compensated for their assignments, making it easier to manage money and credit.
The game paid off.
Today, Gig Wage has 35 employees, all of whom work remotely, a decision Lewis made even before the COVID-19 pandemic intensified the trend towards working from home. Investors wanted to get in. To date, Gig Wage has raised nearly $16 million in venture capital.
“Our core mission is to promote overall economic empowerment by helping businesses and workers succeed,” says Lewis. “More than 150,000 independent contractors use our system. Among them are photographers, bloggers, therapists, nurses, Santa Clauses, judges, comedians, divers, freelance journalists. Yes, any profession!
How innovation improves diversity
“Innovation is extremely important, but many firms have excluded certain groups from the system,” says Lewis. “I have found that my company is extremely diverse, but this is not the case in all industries. As a black man, it would be difficult for me if I wanted to start a traditional bank, but fintech allows for top-down diversity. This means that we can build our company from a diverse perspective. It’s an exciting time.”
Until a few years ago, inclusiveness was a provocative idea that was not necessarily accepted by the majority, Lewis said. However, he now believes that people are genuinely concerned about the lack of diversity in financial services and want to change that.
“There is a lot of room for improvement, but access to technology has allowed us to open the door faster,” says Lewis. “We can take our fate into our own hands. You don’t need permission to do anything.”
What credit means for underserved communities
According to Lewis, the concept of credit and debt in the black community can be intimidating.
When Lewis was a teenager, his mother took steps to make sure he not only understood key financial concepts, but took steps to build his creditworthiness as early as possible. She bought him a pager, registered an account in his name, and opened a credit card with him. The action was powerful. He created a credit score and learned how to manage his financial affairs.
“The easiest way to participate in the economy is to use and build up credit. This is absolutely what you should be doing; that’s part of the success,” says Lewis. “But the black community was underserved and undereducated. Because of this, they do not have equal access to the capital they need to make the American dream come true.”
Another major issue, according to Lewis, is that banking and lending were designed for people who work under the old standard employment system. When people make money in non-traditional ways, they don’t fit the lender’s score template because their income fluctuates. As such, independent contractors and freelancers face particular challenges in obtaining home and car loans, credit cards, and business loan products. The entire credit qualification process was not designed for this population.
“Women, black and brown people, the LGBTQ+ community, they have similar problems,” says Lewis. “In the past, the underwriting process was deliberately designed to keep them out.”
How Lewis is using credit now
The plastic that Lewis loves now? A payment card meant for destroyers, of course.
“I have a card that I dreamed about as soon as it was introduced,” says Lewis. “This is the Brex card for startups. I have a limited edition gold card with a very nice design. It’s a fully customizable account so I can choose my privileges from a menu of options.”
Tiered rewards are especially attractive. The Brex Card gives 8 points for ride sharing, 5 points for Brex rides, 4x for restaurants, 3x for repetitive software, and 1x for everything else. With such bets, points accumulate quickly.
“I can even return the reward in cryptocurrency,” says Lewis. Brex cardholders can redeem their accumulated points for bitcoin and ethereum, the first such business rewards program. For a fintech expert running an innovative company, this is an ideal option.
Changes in fintech are just around the corner
Financial institutions are beginning to take into account the different needs of a wide range of consumers and workers. Lewis predicts that lending products will become less mainstream and instead cater to people from all walks of life and professions.
“There will be loan products targeted at unique groups such as mechanics, handymen, one type of business or another,” says Lewis. “It’s inevitable and it’s positive. I’m optimistic.”
In fact, Lewis aims to create a level playing field for the entire work world and provide gig workers with the support and infrastructure they need to stay safe and move forward. He wants to make sure they have the same rights to retirement accounts, sick leave and paid time off as people in traditional jobs.
“Everyone in the alternative labor economy deserves it,” says Lewis. “We need to support, not displace, gig workers. Legislation is outdated because there is an opinion that everyone wants to work from 9 to 5. This is not true. This is how people want to live and work, they want freedom and flexibility. I believe the government will get it right eventually because you can’t stop people from creating their own jobs.”
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