SteadyPay has secured £2.9m in funding as it looks to reach 5,000 customers

SteadyPay, an app which helps freelancers access short-term loans, has reportedly secured £2.9m in equity and debt funding.

The round was led by Hambro Perks, Fair by Design and Ascension Ventures, according to a number of reports in the media.

With the fresh funds, the FinTech will scale up its operations within the UK as it looks to reach 5,000 over the next 12 months.

A customer can link SteadyPay to the bank their pay usually goes into and the app will then work out the average pay. When pay is below average, the FinTech will advance the money to make up the difference, with the minimum top-up being £25 and the maximum credit limit is £1,000.

Users can keep accepting top-ups as long as they keep within the credit limit, or they can decline a top-up altogether. Repayments are spread across instalments and are timed to match pay cycles.

As part of the deal, Hambro Perks principal Elena Moneta has joined SteadyPay as a director.

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