NEW YORK — Salaryo, the Techstars-backed fintech company, launches the bank of coworking, by offering subscription-based financing services that help freelancers and startups afford a spot in their favorite coworking space. Salaryo enables entrepreneurs to take creative leaps with their business goals without having to worry about their coworking space deposit.
Currently, individuals and companies in need of a coworking space pay a deposit upon sign-up, with fees ranging between $500 to $15,000. Salaryo pays the full deposit amount on their behalf in advance and charges a small, affordable monthly fee starting at $10/month. The fee is determined based on the specs of the space and the user’s individual profile.
By simply applying online and completing an application, Salaryo users don’t have to worry about:
- Depositing fees – From the moment the user applies on the Salaryo website they can be moving into their new space in just 24 hours as Salaryo deposits the fee right into the coworking bank
- Large payments – Salaryo gives entrepreneurs flexibility by allowing them to pay a small monthly fee of $10
- Losing focus – Salaryo does away with the security deposit, enabling members to focus on their ideas instead of saving up for a down payment
Not only do freelancers and aspiring entrepreneurs benefit from the membership service, but by using Salaryo, coworking spaces ensure higher occupancy rates and better retention of their current members.
“We built Salaryo to be the bank of the coworking industry, enabling freelancers and startups to get better access to a basic service,” says Yair Levy, cofounder, and CEO of Salaryo. “The age of flexible work needs to be addressed by innovating at the very core of financial services by creating new products at the intersection of new relationships”.
“We are offering Salaryo to help our members succeed while optimizing their finances,” says Morris Levy, cofounder, and CEO of The Yard, a leading multi-location coworking brand. “With our high expansion rate over the past year, we anticipate continuing to serve a wide net of entrepreneurs and creatives with varying levels of funding. We’re constantly looking for ways to raise the bar, and providing creative, essential amenities like Salaryo is what makes working at The Yard such an easy choice for our members.”