MoCaFi and Jobble among the first Mastercard
partners to provide their cardholders access to affordable,
comprehensive benefits
The rise of the gig and independent economy has led to a need
for accessible benefits options, as well as the flexibility to move
benefits across jobs. Addressing this demand, Mastercard today
announced a new strategic partnership with Stride, the leading
portable benefits platform for independent workers, to provide
customers with the ability to offer cardholders in the United
States access to simple, affordable coverage plans. This marks the
first time that differentiated health, dental, and vision benefits
will be made available via a payments network.
Among the first of Mastercard’s customers to use Stride’s
Portable Benefits Platform are African American-owned fintech
Mobility Capital Finance (MoCaFi) and Jobble, a community of over 2
million on-demand workers spanning the delivery, warehouse, grocery
and restaurant fields, among others. MoCaFi and Jobble cardholders,
as well as other Mastercard participating partners, will have
access to Stride’s Portable Benefits Platform, which provides:
- A fully stocked benefits marketplace: Access to
affordable, quality health insurance, low-cost dental and vision
insurance, discounted telemedicine and prescriptions, income and
expense management tools, and tax withholding estimation and
guidance, in addition to local deals and discounts.
- A customizable, configurable platform: The ability to
tailor benefits programs for specific users by adding their own
unique perks and benefits, presenting their own tools and services,
and offering different benefits packages based on loyalty,
engagement, productivity, and other criteria.
- Year-round concierge access: Continuous access to
Stride’s award-winning member experience team, who can help with
everything from benefit selection and enrollment to questions about
invoices and payments.
Additionally, beginning in 2021, enabled Mastercard cardholders
will be able to use their cards on Stride’s Portable Benefits
Platform, making it easier and more rewarding for their users to
pay for their benefits.
This partnership is an extension of Mastercard’s commitment to
financial inclusion, and the first step in the company’s broader
strategy to provide gig and independent workers with a wide range
of benefits choices – from insurance, to financial management,
education and offers. The portable benefits initiative aims to
enable Mastercard partners to deliver relevant benefits to members
of the gig and independent economy, ensuring that both have a
safety net to prepare them for the future, wherever it is that they
may choose to work.
“The role of the gig and independent worker is increasingly
relevant to our economy, as more and more people rely on digital
tools and platforms to fulfill requests and facilitate tasks,” said
Jess Turner, executive vice president of Products and Innovation,
North America at Mastercard. “Understanding evolving preferences
from this segment for access to cost-effective coverage, and an
overarching desire for a comprehensive set of personalized
financial products and solutions, we’re excited to make Stride’s
Portable Benefits Platform available to our partners via their
cardholder offerings.”
“Independent workers deserve the same access to affordable,
comprehensive benefits as full-time workers,” said Noah Lang,
co-founder and CEO of Stride. “For the past several years we’ve
been building the world’s first ‘Portable Benefits Platform’
designed to help all independent workers secure, manage and use the
benefits they and their families need to thrive. Through this
partnership, we’re putting that powerful platform in the hands of
Mastercard’s partners so they can provide their users with access
to those benefits.”
Supporting the Upcoming Open Enrollment Period
The annual Open Enrollment Period in the United States, which
begins November 1, 2020 and ends December 15, 2020, is the yearly
period during which individuals can enroll in a health insurance
plan for the following year. Both MoCaFi and Jobble will be using
the Stride Benefits Platform to help their customer bases find
affordable, quality health insurance. Most individuals using Stride
to find health insurance can enroll in plans costing less than $75
per month, and 1 in 4 can find health insurance for less than $10
per month.
For more on Stride’s Portable Benefits offering, visit:
https://www.stridebenefits.com/.
Quote Sheet
“Black Americans represent 17% of the gig economy workforce1 and
as such are often underbanked and have less access to
employer-sponsored benefits,” said Wole Coaxum, CEO of MoCaFi.
“This partnership with Mastercard and Stride allows us to bridge
the economic mobility gap for Black Americans and advance their
ability to affordably save, invest and insure themselves against
risk.”
“We want to help gig workers end-to-end: from finding the
perfect gigs to getting the perfect set of benefits. Partnering
with Mastercard and Stride helps us deliver a complete package to
our Jobblers,” said Zack Smith, CEO and Founder of Jobble.
About Stride
Stride provides the first portable benefits platform designed
specifically for independent workers, helping them save time and
money on insurance, taxes and hundreds of thousands of products and
services. Since launching in 2014, Stride has helped over 1.5
million workers save over $1 billion. Stride partners with the
world’s leading work platforms and employers of non-benefited
workers including Uber, Postmates, DoorDash, GrubHub, Rover,
Care.com, TaskRabbit, Keller Williams so they can provide their
workers with access to a full marketplace of health and wealth
benefits and perks. The company is backed by Venrock, New
Enterprise Associates, and F-Prime Capital Partners. For more
information, visit https://www.stridehealth.com.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
1tps://www.bls.gov/opub/mlr/2018/article/electronically-mediated-work-new-questions-in-the-contingent-worker-supplement.htm
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