Managed job platform Jobandtalent locked down $250 million in debt financing to innovate its platform with financial product offerings such as flexible wage access.
Citi, Goldman Sachs and AnaCap Financial Partners provided the debt financing to enable Jobandtalent to further build out its platform and drive its mission to reinvent temporary work, according to a Thursday (May 5) press release.
“We stay committed to giving our workers the best possible support within an increasingly flexible work economy. We understand the current market conditions and macroeconomic factors such as inflation can be extremely challenging for them,” said Juan Urdiales, co-founder and co-CEO of Jobandtalent.
“We believe a lot of our people will benefit from having early wage access and flexible payment options to accommodate their personal finances and cover unexpected costs,” Urdiales added.
Aside from enabling daily payments and free early access to wages, the debt financing will also help Jobandtalent explore additional financial services that will help the workers on its platform. The flexible wage program is anticipated to go live in the coming months.
Founded in 2009 by Urdiales and Co-CEO Felipe Navio and headquartered in Madrid, the company harnesses tech and data to connect job seekers with steady work. Last year Jobandtalent placed more than 200,000 people in new positions at 2,000-plus businesses. The company operates across nine countries in Europe, Latin America and the U.S.
“This is a time to accelerate our ambition. With our platform, we are helping over a hundred thousand temp workers improve their job security and find even higher quality jobs. But there are many more we can reach: there are over 500 million temp workers around the world that are still in need of better working conditions and better jobs. This demonstrates we are just at the beginning of our journey,” Urdiales said in a LinkedIn post.