Trezeo, a UK-based fintech startup that’s focused on delivering financial stability to the self-employed, has successfully secured its initial £400,000 funding target through equity crowdfunding platform Seedrs. The funding round was launched in late June and has attracted nearly 250 investors.
As previously reported, Trezeo was founded in 2016 and is on a mission to help the self-employed (including freelancers, consultants, giggers, and other independent workers) build a predictable income and start to plan for a more empowered financial future. Its business accounts help users take control of their self-employment income without the worry of overspending and also provide customers with a regular, defined income.
“Trezeo’s income smoothing service uses AI and machine learning to turn unpredictable income streams into reliable and regular payments, with no interest or hidden fees involved. They do this by identifying customers’ average income, and when they dip below it one week – whether because work was slow, they were sick or just took a day off – Trezeo tops them up to their average and gets paid back when the customer earns again. They also help customers build savings without having to think about it, as well as access to income advances for emergencies.”
Trezeo’s platform has already gone live in the AppStore and PlayStore. It has also received approval from the FCA as a Registered Payment Institution and is finalizing its Consumer Credit Authorisation to become the first such service to offer income smoothing for independent workers in the UK. Funds from the Seedrs round will be used for the following:
- Driver Pilot: Onboard and service initial pilot customers and partners.
- Product: Enrich the core Trezeo account and add additional financial products.
- Customer Acquisition: Establish a playbook for acquiring customers via partners and directly, while building waitlist demand for scale.
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