Trezeo receives regulatory approval from the FCA in the UK.

Monday 9 July 2018 09:30 CET | News

Ireland-based gig economy fintech Trezeo has received authorisation from the Financial Conduct Authority, the UK’s financial regulator.

The startup, which also has offices in London, recently opened a funding round through crowdfunding tool Seedrs, seeking to raise more than GBP 400,000 to deliver its service into the UK market. Trezeo came through National Digital Research Centre’s accelerator programme, securing follow-on investment in 2017 at the Investor Day last October.

Trezeo has developed a platform that provides financial stability for self-employed workers in the gig economy by turning unpredictable income streams into regular payments, with no interest or hidden fees involved. Subscribers pay a subscription fee for the service, which is currently invite-only.

Trezeo’s income-smoothing service uses AI and machine learning to identify users’ average income. When they dip below it one week – whether because work was slow, they were sick or just took a day off – Trezeo tops them up to their average and gets paid back when the customer earns again. The number of self-employed workers in the UK has grown exponentially by 50% in the last 10 years to almost 5 million and is on track to outstrip public sector employment this year.

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Keywords: Trezeo, Financial Conduct Authority, UK, financial regulator, regulation, London, Ireland, National Digital Research Centre, gig economy
Countries: World