Archie, a builder of financial infrastructure for the freelance economy, has secured $4.5 million in funding. The investors included B Capital Group, Mac Ventures, Worklife Ventures, Hof VC, Dash Fund and Day One Ventures.
NEW YORK—March 31, 2022—Archie, the company that’s building the financial infrastructure for the freelance economy, is publicly launching today with its first product to help businesses onboard, manage and pay independent workers. It is also announcing $4.5M in funding from B Capital Group, Mac Ventures, Worklife Ventures, Hof VC, Dash Fund, Day One Ventures, Scott Belsky (founder of Behance) and the founders of Cameo, Blank Street, Ramp, BloomTech (formerly Lambda School), Eight Sleep, and more. Since Archie launched in April 2021, it’s grown to more than $15M in payment volume run-rate, up 8x since July 2021 alone.
The future is freelance, but there is a lack of financial tools that offer the same stability and benefits for the 1099 economy that W2 workers have had for decades. 67 million Americans currently freelance in the US, and by 2027, 86.5 million people will be freelancing, making up 51% percent of the total U.S. workforce. By 2028, the number will surpass 90 million to represent the workforce’s majority.
Additionally, as a result of the pandemic and the Great Resignation, remote freelancer adoption has only grown. Currently, almost half of U.S. businesses use freelancers to support their mission, growth and revenue. 81% of these companies plan to hire freelancers again.
Archie’s first product is a seamless collaboration hub that helps businesses access the freelance economy in this competitive talent environment. For decades, businesses and freelancers have relied on the same fragmented workflows including dozens of distinct online and offline systems manually strung together to source freelancers, execute contracts, approve and pay for work, transfer funds, and manage accounting and tax filings. With Archie, businesses can digitally collect the information they need from freelancers (contracts, NDAs, invoices, W-9s, etc.), keep track of project deliverables and time spent, pay freelancers with one click, and manage year-end tax filings. From onboarding and contracts to payroll and taxes, every step of the freelance hiring process is streamlined and can be accessed cross-functionally on Archie.
With combined experiences from Square, Facebook, Complex, and Milk Studios, co-founders Yunas Reguero, Cassandra Aaron and previously Dylan Hattem are building the financial layer to help freelancers achieve financial security and independence. Their SMB product will enable them to leverage its structured knowledge about freelancer payments (from PDFs, ACH/wires, etc.) to underwrite products and build better and more accessible financial services for 1099s.
“People want to join the freelance economy but are scared of all the financial obstacles,” said Yunas Reguero, co-founder of Archie. “At the same time, businesses are increasingly relying on freelancers but the tools to tap into this economy are stuck in the past. We’re building the onramp for both sides to unlock the magic of the freelance world. With all these new and decentralized ways of both working and earning, we are excited to bridge that gap and accelerate trends in freelance hiring.”
“We always look for innovative ways to change the narrative around how businesses work with freelancers. This underpins our partnership with Archie. We work with hundreds of creators and influencers every month, and the platform has helped our team handle this volume while keeping our ambassadors in the loop and in control,” said Grace Murray, VP of Strategy at Fohr, a leading ambassador marketing company. “Archie helps us save valuable time and resources so we can focus on creating the best-in-class campaigns for our clients.”
“With hundreds of payments being made per month, Archie has helped us centralize and streamline the way we work with freelancers and vendors end-to-end,” said Elias Pollack, the Director of Finance at Matte Projects. “We now have peace of mind knowing that we have a simple platform to pay, track, reconcile and retain documents compliantly.”
“Getting paid through Archie has unlocked my ability to plan financially, whereas before I would see projects I’ve worked on out in the world before knowing for sure when I would receive payment,” said Jose Tutiven, a renowned, New York based photographer. “Now, I no longer spend time chasing down invoices, and can focus my energy on creative work.”
“Archie gives freelancers more control over their work with a tool that helps them focus more of their time on their creative,” says Samah Dada, host of #Cooking for the TODAY Show & founder of DADAEATS. “When you work for yourself, you manage the ins and outs of your business often on your own. Archie’s tools and resources give more power to a user and have the potential to expand a freelancer’s bandwidth and capabilities of their business.”
“COVID, remote work adoption, and the Great Resignation have resulted in an explosion of freelance hiring yet the tools that exist haven’t caught up and don’t come close to serving the needs of the freelance economy,” said Howard Morgan, Chairman at B Capital. “Archie removes the friction for businesses to work with freelancers and becomes an extension of their team through seamless onboarding, payments, and 1099 tax automation. These are only the first steps in Archie’s overall vision of building the financial layer for the freelance economy. We’re excited to back this dynamic team with deep experience across software, payments, and freelancing/hiring freelancers.”
While its origins come from signing on primarily creative agencies and media companies, Archie is industry-agnostic and also works with companies in DTC/e-commerce, healthcare, education, technology, and more. Based in Brooklyn, NY, Archie’s diverse team hails from around the world including Puerto Rico, Australia, South Africa, Palestine, Lebanon, Egypt, Brazil, Nicaragua, and Venezuela.
Archie is building the financial infrastructure for the freelance economy. Its first product is an end-to-end freelancer payments platform for businesses. Through a seamless collaboration hub, businesses save time, frustration and costly errors by automating the 1099 process and centralizing all required documents (no more draining emails, tax forms and PDF invoices). Freelancers finally get paid on time and gain transparency, flexibility and control over their lives. Archie was founded in 2020 by Yunas Reguero, Cassandra Aaron and previously Dylan Hattem (from Square, Meta, Complex and Milk Studios), and has already grown to more than $15M in payment volume run-rate. The company has raised $4.5M from B Capital, Worklife VC, Mac Ventures and Day One Ventures, and founders of Cameo, Ramp, Blank Street, Lambda School, Eight Sleep, and more.