In the current scenario, many people work on their own terms than before but there isn’t enough financial infrastructure to enable them. This is where the London-based fintech startup Portify comes to play as it is building the necessary infrastructure.
The startup supports users irrespective of who they are, where they are from, and how they earn. Portify provides the right financial support for those who are determined and hard-working so that they achieve their goals.
Secures €8.2M funding
In a recent move, Portify just announced that it has secured £7 million (nearly €8.2 million) in seed investment led by Redalpine, which is an early investor in Taxfix, N26, Finiata, etc. It was accompanied by existing investors Entrepreneur First (EF) and Kindred. Well, this new funding has been raised a year after securing £1.3 million (nearly €1.53 million) Series A funding.
The new investment will be used to provide credit building and personal loans for micro-business use. Already, the company launched credit services via the app earlier this year. Meanwhile, Portify is working with major credit bureaus to report the data produced by its app after taking users’ consent to help improve credit scores.
Portify: An overview
Founded in 2017 by Sho Sugihara and Chris Butcher, Portify addresses the financial volatility that many flexible gig economy workers face. It provides them with tailored financial products that can be accessed via its mobile app. It also services those who are self-employed in other sectors like tradespeople or experts in the creative industry.
Initially, the strategy was a B2B2C play operating with patnerships from gig economy platforms like Deliveroo. Now, it is expanding to B2C.
Focuses on independent workers
Portify works with the vision to enable financial security and wellbeing for independent workers. Though the fintech has witnessed a rapid growth in the number of independent workers, there is a large gap to ensure that they are secure and have access to the economic ladder. It works with companies to build access to its financial products.
The company aims to realise its mission with three elements such as helping flexible workers control immediate income volatility, helping them frame an effective budget on a day-to-day basis, and support with long-term financial planning.
Main image picture credits: Portify
Stay tuned to Silicon Canals for more European technology news.