Ualett Secures $150 Million to Help More Gig Workers Access Fast, Flexible Financing

Ualett, a fintech platform designed specifically for 1099 workers, has just announced that it has secured a $150 million debt facility from Thiele Capital Management. The move is a major boost for Ualett’s mission to support gig workers with real-time, accessible financial tools.

For those unfamiliar, Ualett provides fast cash advances to rideshare drivers, delivery couriers, and other independent contractors. What makes the platform stand out is its focus on flexibility. There are no credit checks, no personal guarantees, and no traditional loan structures. Instead, Ualett verifies a worker’s earnings in real-time and offers advances based on actual performance.

This new capital will enable Ualett to reach even more gig workers nationwide and expand into new markets. It also comes at a time when many independent workers are still overlooked by banks and traditional lenders.

“From day one, Ualett’s disciplined approach to serving gig workers stood out to us,” said Alex Thiele, CEO of Thiele Capital Management. “This new debt facility reflects our confidence in their ability to scale responsibly while continuing to meet the unique financial needs of independent workers.”

Ualett and Thiele Capital have actually been working together for three years. Their partnership first began in September 2022, and this expanded agreement shows just how far they’ve come. The announcement was even marked with a celebratory board meeting at Target Field, home of the Minnesota Twins.

Ricky Michel Presbot, Ualett’s co-founder and CEO, shared what the new funding means for the company’s future:

“This partnership with Thiele Capital isn’t just about capital. It’s about long-term alignment. With this facility, we’re accelerating our ability to reach more workers, offer more products, and reinforce what makes Ualett different: trust, transparency, and technology purpose-built for the gig economy.”

With more than 400,000 users, Ualett is quickly becoming a leading name in gig worker financing, which we would categorize as a specialty business funding provider. This $150 million facility is a sign of growing momentum, not just for the company, but for the broader shift toward financial services that better reflect how people actually work today.