SteadyPay, a UK-based progressive lending platform, has scored $3m in a seed funding round backed by N1 FinTech fund.
European venture funds such as Ascension, The Future Fund and others have already invested in this fintech prior to this seed raise.
SteadyPay is a UK-based progressive lending platform for people who have unstable incomes.
The AI-based solution analyzes open user data to predict their creditworthiness. According to these forecasts, Steadypay tops up the bank account of a trusted and reliable platform user if their earnings fall below the average monthly income.
The algorithm calculates how much money can be loaned to a particular client. The average monthly replenishment per person is about £250, and the maximum balance a user can have on SteadyPay at any given time does not exceed £1000. The platform operates on a subscription model. The funders describe it as “Netflix for credit”.
Users are charged a monthly fee of £7 per week for the service. They can recharge without interest and only have to repay SteadyPay when they exceed their average income in a given month.
The platform currently has 12,000 active users, most of whom are between the ages of 22 and 40.
SteadyPay co-founder John Downie said, “The demand for lending to people with irregular incomes is growing, so we’ve created a solution.”
SteadyPay co-founder Ivan Istomin added, “We see the huge demand for integration of SteadyPay lending platform under own branding of neobanks and marketplaces for their customers asking for financing.”
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