British fintech SteadyPay closes a $3M seed round. Ukrainian N1 fund is among the investors
- SteadyPay was founded by John Downie from the UK and Ukrainian Ivan Istomin in 2017. It develops a progressive lending platform for people with unstable incomes. The AI-based solution analyzes open user data to predict their creditworthiness. According to these forecasts, Steadypay tops up the bank account of a trusted and reliable platform user if their earnings fall below the average monthly income.
- The algorithm calculates how much money can be loaned to a particular client. The average monthly replenishment per person is about £250, and the maximum balance a user can have on SteadyPay at any given time does not exceed £1000.
- The platform operates on a subscription model. Users are charged a monthly fee of £7 per week for the service. The platform currently has 12,000 active users, most of whom are between the ages of 22 and 40.
“We have seen a progressive lending product for the new generation, backed by well-built AI technology. It’s great that Ukrainians worldwide are involved in creating innovations. It makes one want to invest in such startups. The decision was unanimous within the team,”Nykyta Izmaylov, CEO and founder of N1, comments.
- European venture funds such as Ascension, The Future Fund, and others are among the previous investors in the company.
About the Ukrainian N1 Fund
N1 is a specialized fintech fund established by Nykyta Izmaylov. The fund’s portfolio includes sportbank, the second largest mobile bank in Ukraine, the innovative payment system Asquad, and TRANSENIX, a service with Tap2Phone technology that turns a smartphone into a payment terminal. Now, the UK-based lending platform SteadyPay, is also part of the portfolio.