Ualett, a US fintech specializing in cash advances for independent workers, has secured a $150 million debt facility from its existing funding partner, Thiele Capital Management, to broaden its market reach and product offerings.
Ualett plans to leverage this new three-year agreement to extend its funding services into underserved geographic markets and target new segments of independent workers. This funding builds upon a previous $50 million credit line from Thiele Capital Management, established in September 2022 to support Ualett’s initial development and domestic expansion.
Founded by CEO Ricky Michel Presbot, COO Wilfredo Vidal, and CTO César Cabrera, Ualett provides cash advances to gig economy workers such as rideshare drivers and delivery couriers across the United States. The service, which does not require credit checks, has accumulated over 450,000 users since its launch in 2018 and operates in 49 states.
Recent enhancements to Ualett’s platform include insurance solutions developed in partnership with Insurify, customized advance and remittance schedules integrated with Pave, and FedNow connectivity through Astra. The company also recently appointed Andrea Martin, formerly with Dwolla, as its product manager.
Ricky Michel Presbot stated that the facility would “accelerate 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.”
