Portify, a financial wellbeing app for gig economy and self-employed workers, has secured £7 million in Series A funding. The round was led by venture capital investor Redalpine, with existing backers Kindred Capital and Entrepreneur First also contributing.
Founded by CEO Sho Sugihara and CTO Chris Butcher, London-based Portify claims to be the first startup to address the lack of access to financial products the modern workforce faces. This includes individuals across multiple employment categories, who often hold multiple jobs while working flexibly.
Despite earning above the national average income, Portify says most modern workers are rejected by conventional financial institutions for basic products like credit.
“Most firms require you to have full time employment, stable income and a credit score to offer you financial products,” says Sugihara.
“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.”
Portify’s app was launched in the first quarter of 2019 and now has partnerships with multiple platforms including Deliveroo, Stuart and Syft. It has already onboarded tens of thousands of workers from across the UK and will use the proceeds of its investment round to scale.