SteadyPay, the FCA licenced app solving the issue of volatile pay in the growing gig economy, today announces that it 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, the social impact fund by Ascension Ventures.
Hambro Perks backs and builds leading technology companies and with its recent investment, Elena Moneta, Principal at Hambro Perks, joins SteadyPay as a Director. The investment will enable the company to scale-up in the UK and reach 5,000 customers in the next 12 months.
Launched in 2018, SteadyPay is a smart solution for gig economy workers to protect their pay. A subscription-based app, SteadyPay automatically tops up workers’ bank accounts when their earnings are below average and allows customers to repay over easy and interest-free instalments.
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.”