By Aisling Finn on Friday 21 February 2020
With the funding Wollit hopes to launch its first product, The Wollit Income Promise.
Spain’s second-largest bank BBVA along with venture capital firm Anthemis have announced a joint seed investment into UK-based fintech Wollit.
Wollit aims to provide income stability to the UK’s 14m freelance and gig-workers through its income promise programme. It is described as “an income stability tool that enables people to take home the same amount of money each month”.
The London-based startup will receive £1m from BBVA, Anthemis and Plug & Play Ventures, Form Ventures, MAHR Projects and other angel investors.
Liad Shababo, Wollit CEO said: “Wollit is here to establish a new status quo in financial services. We want to make sure everyone has access to financial wellbeing.”
Ian Ormerod, BBVA ́s Global Head of New Digital Businesses, said: “promoting financial health is one of BBVA’s core strategic priorities - alongside sustainability.”
“As such we are delighted to be investing both time, experience and funding into Wollit and we look forward to seeing the impact they will make.”
The Wollit Income Promise aims to regulate the amount of income freelance and gig-workers receive each month to provide “a financial safety net for zero-hour and gig workers”.
Unlike payday loans and credit cards, The Wollit Income Promise is personalised to each customers’ exact financial circumstances and needs and provides interest-free cash top-ups when they earn less than normal, which they only pay back once their income is back to normal.