Picture yourself as a budding entrepreneur searching for the perfect space to let your creative sparks fly. Currently, individuals and companies in need of a coworking space are forced to pay a high deposit upon sign-up. For freelancers and startups, funds are tight and every dollar counts. Salaryo pays the full deposit amount on their behalf in advance and charges a small, affordable monthly fee starting at $10/month. Salaryo users don’t have to worry about depositing fees, as it deposits the down payments within 24 hours of the application process, which includes a background check and wiring of the money. Salaryo only charges a small monthly fee allowing entrepreneur the chance to focus on what truly counts. 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 had an opportunity to interview the Founder and CEO of Salaryo, Yair Levy and asked about his story, how he started his business and the future of Salaryo.
Tell us your story. Why did you start Salaryo?
I was a former corporate employee that went freelance, and I noticed a paradox: freelancers and entrepreneurs are the future of work. We are growing and taking over the job markets. However, we are also systematically underserved by the banks and credit card companies, that have a hard time dealing with thin file, income-volatile customers. So together with my co-founders, we decided to build a new financial services company, oriented to the needs of the future of work- customers like us.
How did you come up with your business name?
It comes from the word “Salary”- In a world where salaries are becoming scarce, people are going to need Salaryo.
According to recent research, about 50% of the US workforce will be self-employed by 2027. That means that income volatility is becoming the new standard in consumer finance. People will always require stability in order to progress in life, to have someone in their corner. This is the type of financial services company we are building.
Tell us about your products and services. How do you help freelancers and startups?
Our product offering stems directly from our own experience and natural habitat. Salaryo was founded in a coworking space and we are great believers in the added value coworking brings to the economy by facilitating easier and faster professional interactions between people and businesses. We want to make coworking more accessible for everyone. Our entry level product is Coworking Deposit-Free for new coworking members. Salaryo replaces the traditional security deposit with a small monthly subscription fee starting at $10 per month. For this price, Salaryo pays the deposit to the coworking space, and recovers it back at the end of the stay. Our more advanced products are Coworking Flexible Rent for existing coworking membres, and a Business Credit Line to be released later this year, starting at $10/month all inclusive for a $1,000 credit line.
What makes you unique? What is your unique selling proposition (USP)?
Salaryo is a pioneer in offering financing products that are specifically designed for coworking communities. Unlike traditional financing products, Salaryo Deposit-Free is designed to NOT create any debt. Salaryo enables creative people to join coworking spaces without putting down a hefty cash amount out-of-pocket. So as long as the coworking agreement is respected, the monthly fee is the only cost for the service.
Where do you see your business in the next 3-5 years?
Salaryo is building the Bank of Coworking. Our long-term vision includes developing a full range of banking services designed for creative, independent and innovative people in the US and in more countries.
Any advice you would give to entrepreneurs and business owners?
Keep to what you are best at, always be open for opportunities, help others as much as you can and ask for help when you need it.
What have been some of your achievements that you are most proud of? Why?
The warm messages we receive from happy Salaryo customers that walked-in a coworking space without paying a deposit. Nothing beats that.
The second would be leaping from the idea stage to revenue in less than 8 months. Ideas are great, execution is better. Being admitted to the Barclays-Techstars Accelerator. We joined a global network of gifted founders and it was a great push for the company. Getting our first partners and investors onboard. We are thankful to them for their ongoing support and for sharing our vision.
Anything else additional you want to tell our readers?
We are living a very special period in history. There has never been a better time to start your own business, do what you love and make an impact. Seize the day.
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