The seed round was led by Startup Funding Club and will support product development for the tax platform.
"Ember was born out of first-hand frustration with being self-employed and having no financial training. After setting up my own company as an IT contractor, I was struck by how onerous it was to stay on top of my books and taxes. When I eventually buckled and paid an accountant, I felt constantly in the dark about what he was lodging on my behalf. It became painfully obvious to me throughout the whole experience that so much of the accounting function could be automated. I did some digging and discovered that the vast majority of contractors in the market felt the same."
AlbionVC leads Series A round in challenger credit bureau Credit Kudos.
"In these challenging times, it’s more important than ever that people have access to the right financial products. We believe open banking will soon be the standard for credit assessments and, as the first regulated Credit Reference Agency with the capability to measure creditworthiness using open banking data alone, we are in a fantastic position to provide a service that is needed now more than ever."
The seed round was led by Stride.VC to support growth and product offerings for gig platforms.
"There are six million self-employed workers in the UK, which includes both higher-paid freelancers and gig economy platform workers. Yet, neither group typically has a safety net – no holiday pay, no family leave, no mental health support, not even paid sick days. We are building Collective Benefits so that the gig economy workers are covered by the same protections typically reserved for full-time employees."
The Development Bank of Wales backed the fintech startup to accelerate its technology capabilities and create new jobs.
"Mobile wallets such as Apple Pay are growing in adoption but research shows that persoanlisation is a critical in the success of digital marketing. While customers want compelling content and a personalised experience, payment and financial apps are not currently meeting consumer expectation."
The latest private funding brings the company total past £5m and values the business at £23m.
"With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond. Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto."
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