5 years ago

BBVA and Anthemis Back UK Fintech Wollit for Gig Worker Financial Stability

  • Wollit, a UK fintech startup, has secured a £1 million seed investment from BBVA and Anthemis

  • The company focuses on providing financial stability for gig workers, offering an income-smoothing service called Income Promise, which guarantees a fixed monthly income and provides interest-free top-ups

  • Wollit's services leverage open banking technology and are designed to address the challenges faced by gig workers with irregular income streams

  • The company is set to launch in the UK this summer, and its success could impact the growing gig economy landscape.

      • ProblemFinancial Services

      "Gig economy workers in the UK face unstable incomes, making it difficult to access credit and other financial services, leading to financial insecurity and reliance on expensive payday lenders."

      Solution

      "Wollit provides a subscription-based income smoothing service that guarantees a consistent monthly income for gig workers, regardless of their working hours. It uses open banking technology to automate payments and calculate a personalized credit limit, allowing users to access interest-free top-ups up to £500 and repay at a flexible time when their income improves."

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