David Baga is going to get a new salary, considering everything.
Even so, an “on-demand pay” startup that takes out ‘salaries’ to give workers financial stability and flexibility will announce later this morning that Baiga is joining the company as its new CEO Effective March 1, current CEO John Schlossberg replaces co-founder. Schlossberg will remain at the company full-time as executive chairman.
Baiga was most recently at Lightspeed Venture Partners, a leading VC firm that joined as chief operating officer in late 2019. Prior to Lightspeed, Baga was Chief Business Officer at Lyft and Chief Revenue Officer at RocketLawyer.
Even a coterie founded by Schlossberg in 2014 and other co-founders focused on a mission to disrupt the payday loan industry with better tools for workers, which is paycheck-to-paycheck Live fast For example, workers dropped from a shift often have to scramble to meet their upcoming financial obligations, forcing them to take a negative payday loan. Even the product was designed to give workers better visibility and more control over their paychecks, offering tools like Instape that offer an advance on their already earned wages. Specifically, even one works on a membership model that is designed to align its incentives with its worker-users to avoid predator practices affecting the industry.
I last covered the company in 2018 when it picked up a $ 40 million Series B from Keith Rabois, who was at Khosla Ventures at the time. It even has significant traction, reaching 650,000 members today, according to the company, and most notably, it’s a broader partnership with Walmart, which announced this week that it had reached out to its in-store partners Was raising wages for 425,000, or about a third of its workforce. Even stated that 53% of its members use the product daily.
Schlossberg says that while the company has had significant success in manufacturing high-quality products, it needs to focus more on revenue growth. “I am a very product-minded CEO and what we need in a zero-to-one phase,” he said, referring to the concept of reaching product-market fit. But, “I am not an enterprise-development CEO. This opportunity and problem is worthy of someone who can increase the chances of creating collectively [Even] As ubiquitous as 401Ks. “
He said the company began a search for a COO to add venture sales experience to the executive team, but came up empty-handed. “So we offered the top job to get better candidates, and it did and we found David,” he said.
For Baiga, even the story fits with her own background. I grew up around “a lot of blue-collar, first-generation Canadians – I can relate to a lot more [ways], “He said. He moved to the Valley during the dot-com bubble by taking a variety of sales jobs at companies like Oracle. His first startup experience was at RocketLawyer when it was just 20 people.” Rockettyre is offering legal services to all Americans Was about making affordable, “a mission echoed with Baga.
From there, he said he eventually connected with Logan Green and John Zimmer in 2012 when they were still operating Zimride, and would eventually join rebranded company Lyft in 2015 when it was “a B2B version with larger businesses Was thinking about. ” He worked on enterprise and urban partnerships as well as Lyft Health, a rideshare product designed for non-emergency medical transportation.
Baga states that he wanted to live in small organisms, and so as the lift became public and grew in size, he wanted to settle in a smaller company. He eventually landed as COO of the firm at Lightspeed.
Baiga denounced during his argument to describe his time at Lightspeed or to depart after a year and a half. In particular, there is not even a Lightspeed portfolio company. Instead, he connected with Schlossberg, even speeding up his CEO’s search and found that there was “strong price alignment” and that “they are addressing real pain points … but one With a fair business model. “
Later in an email, Baga stated that “It is a privilege for me to work with Lightspeed Ventures and I will be forever grateful to be part of such a fantastic organization.” At Lightspeed, I had a front row seat for entrepreneurs sharing their vision to change the world. They prompted me to call to build again. “
Taking over the reins on March 1, Baga stated that his top priorities are “to help the team, to understand customers and our prospects, and to understand the product roadmap and strategy.” Schlossberg said that even there is already “a roster of pretty marquee referential customers in vertical areas of employment” and added that “now is the time to scale it.” As Bagga’s role changes, Schlossberg said the company is likely to raise a C Series round “sometime” this year.
Precaution in America is never going away, yet as the past year has shown, there are devices that can help more workers bring flexibility to their labor. There is even hope that a well-built machine can be rapidly expanded to improve salaries so that this economy can be transformed.
Updated on February 22, 2021 that Instapay provides access to previously earned wages, not advances paid on future earnings.