Being a digital nomad isn’t always easy.
Finding and financing places to work and sleep when you travel from country to country every few days can be a challenge. Even if you’re the type of nomad who stays in one place for a few months, it can still be hard to find a good, albeit temporary, base.
Today, Techstars-backed financial tech startup Salaryo has launched a bank that offers digital nomads and freelancers subscription-based financial services so they can secure a spot in their favorite coworking spaces.
In essence, Salaryo pays your deposit so that you can focus on the work that helps fund your lifestyle, rather than worrying about cash flow. According to Salaryo, coworking deposits can range from $500 to $15,000, depending on whether you are working solo, with a partner, or as part of a team of freelancers.
“Calculating from WeWork’s website, when going through the process of selecting options for desks, employees, locations, and more, $500 is an example of a typical one-month deposit for a dedicated desk for a freelancer,” Salaryo CEO and cofounder Yair Levy told me, adding that “$15,000 is an example of a typical 1.5-month deposit for a $10,000 private office for a 10-person startup.”
Salaryo can pay those deposits for you, in return for a monthly subscription. For deposits of up to $1,000 per month, the basic charge is $10 per month. For deposits of $2,000 per month, the subscription price is $20 per month. There are a few additional charges, depending on the coworking partner, but these are relatively trivial.
“Depending on the member’s profile and the coworking partner, the final monthly fee could be $5 to $10 more than the basic structure,” Levy said. “A $2,200 deposit could cost $25 per month, for example. The monthly fee remains the only cost paid by the user. No additional fees apply.”
Once a user opens an account, they can move into their coworking space in 24 hours. Currently, Salaryo has partnerships with 15 coworking businesses in the U.S.
This is the first of many financial solutions the company will offer.
“Replacing security deposits with a monthly fee is just the entry level,” Levy said. “Salaryo will start offering subscription-based credit lines to advanced members in the next few months. We aim to offer a full suite of unique, digital financial products, designed for the needs of coworking communities.”