SteadyPay’s platform is designed to support the gig economy. Contractors, freelancers, and entrepreneurs find that the existing financial services system is not set up to meet their needs and circumstances, according to the press release.
The company tracks users’ financial data in real time and provides a suite of products that create the financial stability of its customers, both directly and via partnerships with gig-economy platforms and employers. The platform ensures that if a users’ monthly earnings fall below average, SteadyPay tops up the account. This allows solo-entrepreneurs and freelancers to receive a constant pay, even if their workload or demand for their services falls for seasonal reasons, or due to them taking time off.
The fintech’s business model is based on open banking technologies, its own credit insights, and decisioning platform, which enables it to evaluate and advise the credit risk of gig workers. The platform also allows for credit score building specialised for this segment. This approach is further augmented using machine learning and artificial intelligence technology, developed in collaboration with Innovate UK.
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