You’ve heard right: The numbers that influencers on TikTok, YouTube and other social media platforms rake in can be jaw-dropping.
These influencers can bring in upwards of around $1,200 for each social media post when they have a significant following, according to market data company Statista. And research shows that market is only growing, doubling its size from 2019 to 2013, for a record $21.1 billion.
All that money is going in a bank, somewhere.
The tech-savvy Cross River Bank is one of the institutions that’s trying to be that landing spot. Among other connections to the gig economy, it’s working with partners developing services specifically for social media influencers — now a large portion of the gig economy’s market share.
“There’s a couple reasons to develop a specific (fintech) product for those individuals,” said Anthony Peculic, head of cards and Banking-as-a-Service at Cross River. “One is the growth of the market; another is the feeling that no one has been developing solutions that address the needs of that audience.”
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