SteadyPay, the subscription-based app for the growing gig economy, has closed a £2.9 million seed equity and debt funding round. The deal was led by venture firm Hambro Perks and Fair By Design, Ascension Ventures’ social impact fund.
Launched in 2018, the app automatically tops up a worker’s bank account when their earnings are below average and allows customers to repay over easy and interest-free installments.
John Downie, co-founder and CEO of SteadyPay, said:
“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.”
Elena Moneta, principal of Hambro Perks, added:
“Hambro Perks is thrilled to support SteadyPay in its mission to help gig economy workers overcome the hurdles of volatile pay. As the company engages with its customers directly, we believe it will become the go-to financial partner for atypical workers.”
This new investment will allow SteadyPay to scale up operations in the UK, with the aim of reaching 5,000 customers in the next 12 months.