UK-based gig-economy app SteadyPay has closed a $5 million Series A funding round led by Digital Horizon.
Ascension Ventures (via its impact Fair By Design fund), the UK government’s Future Fund, and angel investors joined the round.
Targeting the fast-growing gig economy market, for a weekly subscription, SteadyPay tracks users’ financial data in real-time and provides a suite of products designed to create and improve their financial stability.
The flagship income-smoothing product tops up workers’ bank accounts when their earnings are below average and allows customers to repay over interest-free instalments.
The firm uses Open Banking and a bespoke credit decision engine, which is used to better understand and accept the creditworthiness of gig-economy workers, who can often be excluded by traditional credit providers.
With the new funding in place, SteadPay says it will add more products to the app, including an embedded B2B specific offering.
John Downie, CEO, says: “This investment allows us to create financial stability for 100s of thousands more customers in the UK. We will offer more products to eliminate financial stress for our customers and partners.”