L-R: Portify founders Chris and Sho
London fintech startup, Portify, has announced it’s raised £1.3m in seed investment to build essential financial products which enable gig economy workers and the UK’s growing flexible workforce to achieve financial security and wellbeing.
Founded by Entrepreneur First alumni, Sho Sugihara (CEO) and Chris Butcher (CTO), Portify is the first UK startup to address the financial volatility many flexible workers face.
The funding round was led by Kindred Capital and Entrepreneur First, with participation by leading investors in the fintech and technology sectors.
Teaming up with platforms, Portify offers a number of tailored financial products, accessible via its secure mobile app, to help set flexible workers on a path to financial security. The app securely connects with users’ bank accounts, so they can see and manage their day-to-day financial activity across all of the platforms they work with, automatically helping users budget for tax and savings. If their balance is running critically low, Portify is trialling offering emergency credit at select stores to buy essentials at no interest to avoid overdraft fees.
Portify’s CEO, Sho Sugihara, said: “Around six million people do some form of independent work in the UK, and this number is only set to grow. We started Portify because we saw so many workers could not access the basic financial products they deserve. Our current system does not trust the flexible workforce with products like loans and credit but Portify is here to change that.
“At Portify, our mission is to set flexible workers on the path to financial wellbeing. We are already working closely with a number of platforms and workers to ensure our app meets their needs, and we’re using the investment to build more financial products. We want to work with every company that hires gig workers, contractors or freelancers to ensure all independent workers can improve their financial health and access a robust range of benefits beyond discounts and perks.”
Kindred Capital’s founding partner, Leila Rastegar Zegna, said: “With 268 million people across Europe and the US choosing independent work as their preferred work style, we’re seeing a huge economic shift in how people work. As an early stage investor, we have invested heavily into our thesis around the future of work, and we believe there is significant scope for innovators to build financial solutions which enable independent workers to manage their careers, income and benefits. Portify is leading in this space, teaming up with platforms to offer flexible workers practical financial products to budget and save between assignments”
Portify’s financial products are all accessible via the app between jobs to enable consistency and security for flexible workers.
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