February 24, 2021
LinkedIn is developing a new platform called “Marketplaces” to enable users to engage freelancers and it will compete against talent platforms such as Upwork and Fiverr, according to a report in The Information. LinkedIn has been working on Marketplaces since October 2019 when it signed a deal to acquire some assets of UpCounsel, a company that connected freelance lawyers with clients, the report said.
UpCounsel’s co-founder and former CEO, Matt Faustman, has been leading a team of several dozen employees at LinkedIn to develop Marketplaces, according to other reports. Marketplaces is expected to look similar to Fiverr, enabling users to shop for services and compare rates as well as to post their own proposals to attract freelancers similar to Upwork. Customers would be able to post reviews of freelancers and LinkedIn may be taking a cut of transactions and letting freelancers post ads.
LinkedIn had no official information this time.
Markeplaces would replace ProFinder, where users post proposals for jobs to hire freelancers. ProFinder makes money by charging freelancers $60 per month to read job proposals posted by users.
Microsoft, owner of LinkedIn, has discussed enabling LinkedIn customers to pay freelancers through a digital wallet it is developing.