App supporting gig economy workers set to scale up with £2.9m seed funding

A subscription-based app for gig economy workers has closed a multi-million pound funding round.

SteadyPay has secured £2.9m in a seed equity and debt funding round led by Hambro Perks, Fair By Design and Ascension Ventures.

Founded in 2017, SteadyPay automatically tops up workers’ bank accounts when earnings drop below a certain amount.

This new investment will enable the firm to scale up operations in the UK, with the aim of reaching 5,000 customers in the next 12 months.

John Downie, co-founder and CEO of SteadyPay, commented: “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.”