UK fintech SteadyPay closes $3 million Seed round

SteadyPay is a UK-based progressive lending platform for people with unstable incomes. The platform currently has 12,000 active users, most of whom are between the ages of 22 and 40.

N1 fintech fund has invested in SteadyPay, a fintech lending platform from the UK. N1 joins European venture funds such as Ascension, The Future Fund and others who have already invested in the company.

“We have seen a progressive lending product for the new generation, backed by well-built AI technology. It’s great that Ukrainians worldwide are involved in creating innovations. It makes one want to invest in such startups. The decision was unanimous within the team,” said Nykyta Izmailov, Founder and CEO of N1 investment fund.

Steadypay is a UK fintech startup founded by John Downie, from the UK and Ivan Istomin, from Ukraine.

Co-Founder John Downie has spent most of his career developing technical solutions for banks and realized that existing lending solutions needed to meet the needs of workers with irregular incomes, such as freelancers. And the “gig economy” is bringing more and more of them into the labor market.

“The demand for lending to people with irregular incomes is growing, so we’ve created a solution,” Downie said.

“We see the huge demand for integration of SteadyPay lending platform under own branding of neobanks and marketplaces for their customers asking for financing,” added Co-Founder Istomin.