Gig economy credit startup Portify raises £7 million

Gig economy credit startup Portify raises £7 million

London fintech startup, Portify has raised £7 million in series A funding to scale its income smoothing service for gig economy workers.

Redalpine, an early investor in N26, Taxfix, and Finiata led the round, with existing investors Kindred and Entrepreneur First participating.

One of the recent finalists in Nesta’s Open Up 2020 Challenge, Portify uses Open Banking to offer cash flow prediction and income smoothing services. Initially delivering the service through partnerships with firms like Deliveroo, the firm now intends to extend its credit extension offering to gig economy and near-prime workers across the country.

Portify’s CEO, Sho Sugihara says: "Most firms require you to have full time employment, stable income and a credit score to offer you financial products. We don’t, because we’ve seen it’s increasingly the norm for the most ambitious people not to have this background. We’ve built our business around trusting modern workers before anyone else, and we’re already hard at work using the additional financing to support the next generation of workers to access financial products they deserve."

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