TalentPlus, Talenthouse’s one-stop-financial app built for Creators, has partnered with and Talenthouse will invest up to $7 million in cash and shares in Nerve, an embedded banking solution for the US creator economy. This is the first time Nerve will be providing its embedded banking proposition on a private-label basis.
Through this investment and partnership, TalentPlus plans to launch in the US in late November and move into several markets in 2023 including the UK and Latin America to lessen the financial burdens of Creators. Furthermore, TalentPlus plans to add personal banking services to its offering in 2023 across all markets to benefit the Creator Economy.
The Creator Economy is not limited to social media influencers and YouTubers – it is a global phenomenon of working creative professionals. Adobe estimates (August 2022) that less than 15% of the 303 million creators across nine key markets that were surveyed are influencers. The sector is estimated to be worth in excess of $2.8 trillion and is heavily driven by digital advertising needs.
The TalentPlus solution comes at a time where Creators, now more than ever, want to merge their passion with their profession and monetize their skills. TalentPlus will merge local and global financial service offerings seamlessly, taking advantage of Open Banking solutions available to best serve the rapidly evolving Creator Economy.
TalentPlus will ensure that there is a direct payout with no loss in cash, typically resulting from payment provider fees, for Creators on the platform when paid out from brands.
Clare McKeever, CEO of Talenthouse states: “This is a significant step into the U.S. market for Talenthouse. We plan to recreate this financial services model across several markets in the near future including the UK and Latin America. We have been incredibly impressed by and have huge confidence in the Nerve team, underlined by our significant strategic investment.”
John Wash, CEO of Nerve states: “We are super excited about collaborating with Talenthouse and the TalentPlus team to drive innovation for creative businesses and delivering financial services to an underserved community. This partnership will expand our payments and banking services to Talenthouse’s U.S.-based creators, dramatically improving the financial services available to the creator economy.”
Michael Callas, SVP and Global Head of TalentPlus states: “Nerve is a game changer for creatives in the United States. Thanks to our strategic partnership we will be perfectly positioned to become creatives’ single point of access to banking, insurance, accounting, and a substantial suite of lifestyle and business services. We’re poised to help millions to create freely!”
Made possible with the dawn of Open Banking in early 2018, TalentPlus is a much-needed vertical banking solution that supplies a financial suite of services for Creators that goes beyond the offerings of commercial banks.
The concept emerged from a Talenthouse pilot program called ElloU launched early in 2021.
The feedback from Creators revealed a desire and need for a lifestyle-centric financial solution that focuses on helping Creators with their personal and business money management. This unique subsect of professionals has been historically underserved by mainstream financial institutions that have traditionally taken a one-size-fits-all approach to serve their customers’ needs.
Through TalentPlus professional creatives will be able to send invoices, download tax statements and receive advances all within a single app, with many more creative-focused services to follow. Talenthouse’s business model requires a financial services vertical, to ensure its community can receive its payments in a timely manner.
Source: PR Newswire