SteadyPay secures £2.9m in seed equity and debt to expand its gig economy financial app
The financing round was led by Hambro Perks and Fair By Design.
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 £2.9m in a seed equity and debt financing round. The investment was led by Hambro Perks alongside Ascension Ventures through its Fair By Design fund. The capital will be deployed to scale operations across the domestic market over the next year.
The London-based business provides income smoothing services for individuals in flexible employment. By connecting via open banking, the application automatically supplements bank accounts during periods of low earnings and allows users to settle balances in manageable increments without incurring interest charges.
Participants in the latest raise note that atypical employment models continue to expand across the UK workforce. Management intends to use the injection of funds to reach thousands of new customers and cement its position as a primary financial partner for independent workers.
From the founder
"We’re delighted to have Hambro Perks and Ascension Ventures leading SteadyPay’s latest funding round. This raise will further strengthen our commitment to service the UK’s gig-economy with a powerful and ethical solution to income volatility. We’re thrilled with the results and customer feedback to date, and we look forward to driving scale in 2020."
John Downie
Co-founder and CEO at SteadyPay
Investor perspective
"Hambro Perks is thrilled to support SteadyPay in its mission to help gig economy workers overcome the hurdles of volatile pay. For the increasing number of gig and self-employed workers, having access to a simple and ethical solution to address the financial complexities that come with such work is key. As the company engages with its customers directly, we believe it will become the go-to financial partner for atypical workers."
Elena Moneta
Principal, Hambro Perks
Use of funds
- 01Expand into international markets