FCA licenced gig-economy app SteadyPay has closed a £2.9m seed equity and debt funding round, with the equity investment led by venture firm Hambro Perks and Fair By Design.
A subscription-based app, SteadyPay automatically tops up workers’ bank accounts when their earnings are below average and allows customers to repay over interest-free installments.
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.
Founded in 2017 and employing 9 full-time staff, SteadyPay says it intends to use the capital injection to reach 5,000 customers in the next 12 months.