Wollit aims to help with the financial wellbeing of the UK's 14 million freelancers, gig workers and those on zero-hours contracts through a range of products. The fintech's first service is called the Wollit Income Promise and aims to regulate the incomes of those not in full-time work.
Wollit provides customers with an interest-free cash top-up whenever they earn less than their average monthly earning. A GBP 9.99 fixed monthly fee is the only cost to customers. So, if an individual agrees with Wollit that their average earnings are GBP 2,000 a month, but one month they only earn GBP 1,500, then Wollit will top up the GBP 500. The top-ups are repaid when the individual earns more than the GBP 2,000. A credit limit is agreed beforehand between the customer and Wollit.
The startup received GBP 1 million from BBVA, Anthemis and Plug & Play Ventures, Form Ventures, MAHR Projects and other angel investors earlier in 2020.
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