In 2021, Gigapay‘s revenue, the Swedish international payout system for the creator economy, grew by 180 per cent. The following year, the company continued in a positive vein as it saw a further 170 per cent growth. As a result, it has now announced a major pivot to its services.
In an effort to make it easier and faster to pay creators, regardless of whether they have a company or not, the company solidifies by automating creator onboarding. Its position offers an account payables solution for the creator economy; a fully automated solution for businesses looking to pay creators compliantly.
Gigapay has seen a staggering 170 per cent growth in gross revenue in 2022, totaling over 51million SEK. In addition, they have expanded their service offering from two markets to over 50 markets, over the last six months.
While 2022 looked like a great year for Gigapay, the coming three years are predicted to be even better. With a market size of $104billion in 2022, the creator economy is expected to be valued at more than double by 2024. Gigapay’s new focus and increased service offering make them well-positioned to quickly gain market shares for payments in the growing creator economy.
Raiha Buchanan, the CEO of Gigapay, believes that an automated accounts payable solution is crucial for the creator economy. She notes: “brands are reporting an ROI of €11 for every €1 spent in influencer marketing and expected to spend close to €1trillion on digital marketing by 2030.” However, she finds it concerning that many businesses still handle thousands of invoices manually. This leads to an increased waste of time and resources.
Avoiding resource wastage
To address this issue, Gigapay provides a comprehensive solution that can significantly streamline the payment process for businesses. Buchanan explains: “through our API we can combine thousands of creator payouts to a single invoice per currency.” This capability can help businesses save a lot of time and reduce the workload from weeks to just a few minutes.
Buchanan further highlights that on the creator’s side, the payment process is simple and efficient. “It takes less than 90 seconds to onboard and get paid. And each time after that, can be less than 10 seconds,” she says. This speed and ease of use can greatly benefit creators who are looking to monetise their content in the creator economy.
Lastly, Buchanan emphasises that the payment process offered by Gigapay is fully compliant with regulations. “The best part is that this process is fully compliant end-to-end,” she notes. This level of compliance ensures that both businesses and creators can trust the payment system and enjoy a secure and reliable solution.
Gigapay is available to businesses of all sizes and is designed to meet the unique needs of the creator economy. “We see interest from agencies, marketplaces, and brands around Europe,” says Buchanan.
“Many brands are shifting their marketing budget to influencer collaborations. Most are unhappy with their current payout processes and are after a more scalable solution. Essentially looking for a better way to pay their creators. We’re excited to serve this market.” Gigapay’s platform is already trusted by companies such as Nelly, INCA (GroupM), Cure Media, and Adrecord.
The company plans to continue expanding its services to new markets in the coming months and launch new features to further improve the user experience. “We will continue to unlock new markets during 2023,” says Buchanan. “This will be key to reaching our goal of becoming market leaders in Europe.”