SteadyPay announced $5 million in a Series A funding round led by Digital Horizon.

SteadyPay, a London, UK-based company developing a consumer app for financial monitoring and savings, announced that it raised $5 million in series A financing round.

The money was raised from investors led by Digital Horizon, joined by Ascension Ventures via its Fair By Design fund, the UK government’s Future Fund and angel investors whose name remained undisclosed.

SteadyPay, founded in 2019 by John Downie, Oleg Mukanov and Victor Pawley, developed a consumer app for financial savings sold as a subscription credit service, as it connects to bank accounts and tops up the customer's average income and monitor for when income drops below that average. SteadyPay’s technology uses open banking to integrate with a gig economy worker’s bank account. It calculates their average monthly income, then if it falls below that figure it offers to top the user’s income up. Users then repay through interest-free payments. SteadyPay charges a £4 weekly subscription and charges administration fees.