SteadyPay raises £3.8m in Series A funding led by Digital Horizon to support gig workers
Digital Horizon led the Series A round for the financial stability platform, with participation from Ascension Ventures and the UK government.
SteadyPay operates a financial stability platform that provides income smoothing and credit products for gig workers and micro enterprises. The company uses open banking and machine learning to support workers with fluctuating earnings.
SteadyPay has secured £3.8m in a Series A funding round led by Digital Horizon. The capital will be used to enhance the company product offering and expand its service capabilities for gig economy workers.
Digital Horizon was joined in the financing by existing backers including Ascension Ventures, through its Fair By Design fund, and the UK government Future Fund, alongside angel investors. The platform offers income smoothing tools and credit options designed specifically for freelancers and contractors.
The business model relies on open banking and proprietary credit scoring to serve customers who lack traditional credit histories. SteadyPay operates on a transparent subscription basis rather than charging conventional overdraft or credit card fees.
From the founder
"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."
John Downie
Co-founder and CEO at SteadyPay
Investor perspective
"Fuelled by the pandemic and a new work paradigm, the gig-economy continues to create new forms of employment very quickly. However, the financial services industry has not evolved to meet their needs at the same speed. This means millions of people with a high, but not fixed income, have limited access to financial services. This is a social inequality and a missed business opportunity at the same time. SteadyPay has taken on the challenge, and shown that things can be done differently. The company’s talented team has improved scoring models and created an inclusive product for a huge underserved segment of customers. It is a bold and thoughtful platform, which has great promise."
Alan Vaksman
Founder and managing partner, Digital Horizon
Use of funds
- 01Continue product development
