Queens Tech Corner: COVERR
It’s Queens Tech Corner time! The Queens Tech Corner is a regular segment on our Queens Chamber social media channels where we shine the spotlight on tech entrepreneurs doing exciting things right here in Queens.
This week’s featured tech entrepreneur is Kobina Ansah, president of COVERR, a company providing business cash advances customized specifically for gig economy workers.
Can you tell us a little more about your company and how you got your start?
COVERR provides business cash advances that are customized for gig economy workers like Uber drivers or DoorDash delivery personnel. We initially started the business by providing auto loans customized for Uber drivers when we found out that many New York City drivers spent as much as $400-$500 a week to rent a car for work that they would never own. While we wanted to empower drivers by creating an easier path to car ownership, we quickly found that many did not have the liquidity to pay the required $500 down payment, and that is when we realized cash flow financing may be a stronger pain point. Today COVERR provides specialized cash flow financing that helps gig economy workers smooth out the volatility within their daily business earnings or take care of small business-related emergencies.
How did you get your start in tech?
With my grandfather starting one of the first timber trading companies in Ghana, West Africa and my mother starting the first day spa in Ithaca, New York, entrepreneurship has always been in my DNA. Through the advent of increasingly accessible tech infrastructure, I have been able to use various technologies to scale and expand the reach of my service offerings.
What is your latest project and why are you excited about it?
While the gig economy represents one of the fastest growing labor segments in the U.S., traditional banks have not adequately updated their underwriting frameworks to meet the financing needs of this valuable segment. What excites me about COVERR’s mission is that as we continue to refine our model. We are able to get capital to dedicated workers who were previously overlooked and help them achieve their highest earning potential.
