Wollit, a UK-based “socially-focused” fintech startup, announced on Thursday it received an investment from venture capital firm Anthemis and banking giant BBVA’s venture creation partnership. Founded in 2017, Wollit claims to be a financial stability network that is giving “peace of mind” to people in insecure work.
“Wollit is a financial platform that gifts financial stability and peace of mind to those suffering the severe wide-ranging hardships of volatile income. With it’s Income Promise and Instant Cash Boosts, Wollit irons out income fluctuations and provides people visibility, certainty and cashflow when they need it most.”
Wollit reported that the investment will support the launch of its first product, The Wollit Income Promise, which is an income stability tool that enables people to take home the same amount of money each month, even if their hours and earnings fluctuate.
“There are approximately 14 million people in the UK who live without the financial security of a stable income. Frequent cash-flow shortages mean that they are five times more reliant on high-cost credit as well as four times more likely to incur late payment fees. This bad debt creates a knock-on effect on their wellbeing, with workers without a stable income more likely to suffer from poor mental and physical health than those in secure work.”
Speaking about the investment, Liad Shababo, Wollit CEO says:
“Wollit is here to establish a new status quo in financial services. We want to make sure everyone has access to financial wellbeing. This funding supports our first product, The Wollit Income Promise, which offers a financial safety net for zero-hour and gig workers. With this, we set to end their monthly gamble of feast or famine and provide a safer, more sustainable option than the short-term, risky alternatives.”
Wollit didn’t disclose the investment amount at this time.
