Tech

Gigs economy worker revenue platform SteadyPay raises £ 4m

Gig economy worker and payment platform for volunteers SteadyPay has raised $ 5m (£ 4m) in a Series A round led by Digital Horizon.

Additional investors include Ascension Ventures through its Fair By Design fund, the UK government’s Futures Fund and angel investors.

The London-based start-up firm has said it will use the funds to “offer more products to eliminate financial stress” to its customers and partners, said SteadyPay co-founder and CEO John Downie.

SteadyPay technology uses open banking to integrate with a gig economy worker bank account. It calculates its average monthly income, then if it falls below that figure it offers to increase the user ‘s income.

Users then reimburse through interest-free payments. SteadyPay charges a weekly subscription of £ 4 and charges administration fees.

“With the new pandemic and work paradigm, the gig economy continues to create new forms of employment very quickly,” said Alan Vaksman, founder and managing partner of Digital Horizon.

“However, the financial services industry has not evolved to meet its needs at the same pace. This means that millions of high-income but non-fixed-income people have limited access to financial services. This is a social inequality and a missed business opportunity. ”

“This means that millions of high-income but non-fixed-income people have limited access to financial services. This is a social inequality and a missed business opportunity at the same time, ”Vaksman told him.

Digital Horizon manages two multi-stage funds, growth and venture builder. It focuses on fintech and enterprise software. Includes previous investments Klarna, Monday.com and Bolt.

Founded in 2017, previous funding rounds at SteadyPay include a £ 2.9m seed equity and a 2020 debt financing round led by Hambro Perks and Ascension Ventures through its Fair By Design fund.



Gigs economy worker revenue platform SteadyPay raises £ 4m

Source link Gigs economy worker revenue platform SteadyPay raises £ 4m

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