SteadyPay, a London, UK-based provider of a smart solution to solve volatile pay in the gig economy, raised £2.9m in equity and debt funding.
The round was led by Hambro Perks and Fair By Design, the social impact fund by Ascension Ventures.
The company intends to use the funds to scale-up in the UK and reach 5,000 customers in the next 12 months.
Launched in 2018 by John Downie, co-founder and CEO, SteadyPay provides an FCA licenced app for gig economy workers to protect their pay. The subscription-based app automatically tops up workers’ bank accounts when their earnings are below average and allows customers to repay over easy and interest-free instalments.
The company uses open banking and has developed a bespoke credit decision engine, which is used to understand and accept the creditworthiness in the industry of gig-economy workers, who can often be excluded by traditional credit providers.
Founded in 2017, SteadyPay has 9 full-time employees.