SteadyPay, a financial partner for workers in the gig economy, has reportedly raised $5m for its Series A round.
Digital Horizon, an investor based on B2B businesses, served as the lead investor, according to a report from TechCrunch. Other participants included Ascension Ventures, the UK government’s Future Fund and unnamed angel investors.
This fresh capital will help SteadyPay release additional products by leveraging its data to make AI-based insights available to users. It also plans to expand its customer base by targeting small business owners and micro-entrepreneurs.
Funds will also be used to move into new international markets.
Its app enables gig workers to have regulator income, despite working irregular hours, which can be impacted by reduced shifts, fewer bookings and sickness. When a user is paid less than normal, SteadyPay will advance the user money, which can bring their salary back to normal.
SteadyPay partners credit agencies to help users build their credit score.
The company previously raised £2.9m in a funding round in 2019.
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