London fintech startup Portify has raised £1.3 million for its gig economy mobile app, which will provide workers with products to improve their financial wellbeing. The seed funding round was led by Entrepreneur First and Kindred Capital.
Portify wants to help set flexible workers on a path to financial security with a number of tailored financial products, which can be accessed through its secure mobile app. The app connects to a user’s bank account and tracks income and spending, and automatically calculates tax and National Insurance contributions. If finances are running critically low, flexible workers can take out emergency funding.
The startup was founded by CEO Sho Sugihara and CTO Chris Butcher and claims to be the UK’s first company to address the financial volatility that many flexible workers face.
Sho Sugihara says the current system “does not trust” the flexible workforce with loans and credit but insists Portify is here to change that.
“Around six million people do some form of independent work in the UK, and this number is only set to grow. We started Portify because we saw so many workers could not access the basic financial products they deserve.
“At Portify, our mission is to set flexible workers on the path to financial wellbeing. We are already working closely with a number of platforms and workers to ensure our app meets their needs, and we’re using the investment to build more financial products. We want to work with every company that hires gig workers, contractors or freelancers to ensure all independent workers can improve their financial health and access a robust range of benefits beyond discounts and perks.”
The Portify team is based in London and the app is available on Google Play and the Apple Store.