US-based platform ChannelMeter has created the first dedicated banking platform for content creators following a $4 million dollar seed round of funding.
Creators generated an estimated $15 billion in revenue last year, many without the financial tools, services, and security afforded to traditional businesses.
As of July 7, the new service Creator Cash will provide creators a dedicated suite of banking and financial tools including cash savings accounts, earnings analytics, credits cards. Those signed up can access YouTube earnings, Patreon memberships, affiliate revenue, campaign revenue and more.
The service will be available to youTube creators first, providing a simplified dashboard with insights into the earnings creators generate in real-time. It provides expedited Youtube AdSense payments, letting creators skip the lag time waiting for the platform to pay them. Creators on social platforms such as Instagram, TikTok, Patreon, and more will be introduced shortly after.
“Creators and influencers everywhere are creating viable, successful businesses, yet financial institutions today are not treating them seriously simply because they don’t understand the reach and economic potential offered by creators,” said Eugene Lee, co-founder and CEO, ChannelMeter.
“After supporting several hundred thousands content creators across multiple social platforms with hundreds of million of dollars in payments, we recognise the need to scale the creator economy, so we built a creator-focused financial institution that provides technology, data and financial support in a way that no other company is able to provide,” commented Lee.
Later in the year the company will expand its offerings to include a credit card unique to creators, a suite of business tools, and a platform for creators to utilise traditional bank functions.