Marketing itself as a “smart solution” for volatile pay in the gig economy, UK-based SteadyPay has raised USD $2.9 Million to allow gig workers to take advances on pay when their pay dips due to days off, fewer hours, etc.
While their model doesn’t charge interest, it does require the reimbursement of the dollars advanced. Gig workers pay a subscription fee to access the service. In the U.S. pay day loans are largely considered predatory and are viewed as a source of financial and credit trouble for low to middle income workers – the very people who need the most help.
Source: SteadyPay Raises £2.9M in Equity and Debt Funding | FinSMEs