The funding will help SteadyPay expand its customer base to include micro-entrepreneurs and small business owners. Here are the top-line bullets you need to know.
SteadyPay, a subscription-based credit service provider, has raised $5M in a Series A. The round drew participation from Ascension, Digital Horizon Ventures, and UK Future Fund.
HOW’S THE COMPANY PERFORMING?
- UK-based SteadyPay helps improve the financial stability of gig and freelance workers by providing them with money advances amid income drops.
- The platform has 9K+ active users aged 22–40.
- SteadyPay operates from its office in London.
Source: SteadyPay
WHY DOES THE MARKET MATTER?
- The global digital lending platform market is expected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Widespread digitization has contributed to the increased adoption of digital banking, particularly among younger populations. In fact, 97% of millennials use mobile banking, according to Insider Intelligence. This has increased the demand for digital lending services, contributing to growth in this market.
