In preparation for the upcoming NOAH London, we have chatted with SteadyPay about the company and current trends in consumer banking. The CEO and founder of SteadyPay John Downie is going to pitch at the conference on 30-31 October at Old Billingsgate.
Could you tell us more about SteadyPay?
SteadyPay’s mission is to provide financial wellness to gig economy workers. We do this by helping our customers earn predictable income across pay cycles. Our app, powered through open banking, provides automatic protection by topping up a user’s income whenever they get paid below their average. We also don’t charge interest or any hidden fees. Just a small subscription per week. Simple.
When and why did you launch the business?
SteadyPay’s co-founder Victor Pawley learned about the pain and instability of earning volatile income from his daughter. Together with John Downie, SteadyPay’s co-founder and CEO, he discovered the problem was widespread. In fact 12m+ people in the UK economy earn some form of flexible pay, and that number is growing. Then SteadyPay was founded in 2017 to give predictability back into the lives of gig economy workers, empowering them to budget effectively and avoid the financial consequences of missing shifts, taking sick days or holidays.
”We give predictability back to workers with flexible income: from a construction worker who missed out on a couple of shifts due to the weather, to a cleaner that had to stay home to look after their sick child
Why do you think the company will be successull?
SteadyPay solves the root financial problem of flexible working, the income volatility. Our service gives peace of mind, our users know that their pay is protected if they earn below their average on any given pay cycle. From a construction worker who missed out on a couple of shifts due to the weather, to a cleaner that had to stay home one day to look after their sick child, SteadyPay is there to cover it. What’s more, our innovative technology and app makes the protection service simple. We detect if a user is paid below average and send money to their bank account to cover the difference. And to make it even easier for our customers, it’s all done automatically.
Why should potential corporate clients meet you at NOAH?
We’re live, we’re funded and we’re scaling fast. We are also excited to announce that we have been selected by TechNation to join the latest cohort of fast growing UK fintech scale ups.
We’d love to meet investors and partners who share our mission of providing financial wellness to gig economy workers. We’re on the lookout for those who have the expertise, networks and capabilities to help SteadyPay reach the next level.