Gig economy reaps rewards for Freelancer with record result
Written on the 31 July 2019 by Business News Australia
Around 900,000 jobs were added to the world's largest freelancing and crowdsourcing marketplace Freelancer (ASX: FLN) in the first half, with revenue up 16 per cent at $28.7 million.
Led by its founder Matt Barrie (pictured), the company's gross payment volume (GPV) rose 11 per cent in the period to reach a record of $400 million.
This growth rate range was consistent on both Freelancer.com and Escrow.com, the latter a transaction securing platform used by the likes of BestCarFinder.com, GoDaddy and Shopify.
Escrow.com - acquired for just under $10 million in 2015 - accounts for more than three quarters of the company's GPV but it only contributes around 13.6 per cent of revenue.
FLN also recorded a slight profit of $157,000, compared to a loss of $769,000 in the first half last year.
In a results presentation, FLN noted Freelancer Enterprise had entered master service agreements (MSAs) with major brands in the technology, professional services, defense and healthcare industries.
At the same time, multi-country pilots are reportedly about to commence with global leaders in the cloud, software, computer and telecommunications industries.
Elsewhere in the gig economy, Creative works marketplace Redbubble (ASX: RBL) yesterday reported a 41 per cent spike in revenue in FY19, contributing to the first full-year operating EBITDA profit since ts IPO in May 2016.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia