Yukon entrepreneur launches banking app for Uber drivers
Clearbanc directly deposits money into the accounts of drivers, lets them get paid more quickly
A Yukon entrepreneur has helped launch a new banking service app that allows Uber drivers in the United States to get paid instantly.
Whitehorse engineer Ben Sanders co-founded Clearbanc, which allows Uber drivers to deposit their earnings directly into their bank accounts for a fee of $2 for every day money is transferred. (When passengers use the Uber app to book a taxi with their credit card, the money does not go directly to the driver.)
Sanders says Clearbanc is appealing because it allows drivers to generate cash flow.
"If you drive for Uber you drive all week, you get your paycheck like most of us would every two weeks," said Sanders, though he added that some drivers do get paid every week.
"That could still be a limiting factor, so what we have done for Clearbanc is integrated with the Uber app to be able to monitor in real time. Each of those drives that a passenger takes, we are going to understand how much the driver is going to make at the end of the week, and then we can transfer that to them on their Clearcard in advance."
Launched with help of Airbnb benefactor
An American tech fellowship called Y Combinator helped Ben Sanders and his small team develop their startup with a $12,000 grant. In eight weeks the team had to go from idea to startup. Y Combinator has helped launch ventures like Airbnb.
"Ultimately our goal is to build a bank that will work for all freelancers, and in the U.S market that is over 50 million people who have a variable income," he said.
Clearbanc, is currently only available in the U.S and but Sanders says his team is working to expand the business in Canada with Canadian banks.
He hopes the Yukon is the first place outside the U.S. in which Clearbanc will launch.