BBVA backs UK-based gig-economy fintech Wollit

Spain-based bank BBVA and VC fund Anthemis have joined in a seed investment to support gig economy fintech Wollit.Wollit is hoping to boost the “financial health” of zero-hour and irregular contractors, who total an estimated 14 million people in the UK (and up to 43% of the workforce). The novel-lender joins a nascent but buzzing sub-section of the fintech market dedicated to independent workers and freelancers, who face high fees to access credit and other services due to their unstable incomes.

For BBVA and Anthemis, this means both a financial gap — and a potentially lucrative opportunity. Indeed, BBVA also participated in another gig-economy fintech in the US in 2018, helping the country’s 42m independent employees find ad-hoc work.

Wollit — which is set to go live in the UK in H2 2020 after two years in development — is hoping to address contractors’ uncertainty about earnings. Users will pay a GBP 9.99 monthly subscription for the Income Promise, allowing them to take home the same amount of money each month, regardless of how many hours they’ve work.