Funding of $5 million was raised by SteadyPay, a London-based platform provider called GigWorkers Financial Stability.
The round was led by Digital Horizon is joined in this round by existing and new investors including Ascension Ventures (via their impact Fair By Design fund) and the UK government’s Future Fund, alongside prominent angel investors.
The company plans on using the funds to improve and deepen its product- and service offering, which includes embedded B2B offerings.
Led by John Downie, co-founder and CEO, and Oleg Mukhanov, co-founder and COO / CFO, SteadyPay provides a platform – available direct to UK customers – designed to support the gig economy players such as contractors, freelancers and solo-entrepreneurs. It tracks users’ financial data in real-time and provides a suite of products that create and improve the financial stability of its customers, both directly and via partnerships with gig-economy platforms and employers. The flagship income-smoothing product ensures that if a users’ monthly earnings fall below average, SteadyPay tops up the account. This gives solo-entrepreneurs and freelancers more confidence when their workloads or demand for their services decrease due to seasonal factors or taking time off. The funds provided are repaid only when the customer earns above their average income – so when they can best afford it.
Users pay a transparent monthly subscription.
SteadyPay’s business model is based on open banking technologies and its own credit insights and decisioning platform, which enables it to precisely evaluate and advise the credit risk of gig workers in ways which traditional methods cannot. This platform allows you to create a credit score that is specifically tailored for gig workers. This is enhanced by machine learning and artificial Intelligence technology, which was developed in collaboration With Innovate UK.