Socially-focused fintech Wollit has received investment from venture capital firm Anthemis and banking giant BBVA’s venture creation partnership to help bring financial wellbeing to the 43% of the UK workforce who live without the financial security of a stable income. Other investors include Plug & Play Ventures, Form Ventures, MAHR Projects and notable angels.
The investment will support the launch of Wollit’s first product, The Wollit Income Promise. 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 14M 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 and four times more likely to incur late payment fees. This bad debt creates a knock-on effect on their wellbeing. Workers without a stable income more likely to suffer from poor mental and physical health than those in secure work.
Wollit’s efforts will initially focus on supporting zero-hour workers whose contracts do not guarantee any hours of work at all.
Unlike payday loans and credit cards, The Wollit Income Promise is personalised to each customers’ exact financial circumstances and needs. It provides vital interest-free cash top-ups when they earn less than normal. Users only need to pay top-ups back when they earn more than normal.
“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. It offers a financial safety net for zero-hour and gig workers. We set to end their monthly gamble of feast or famine and provide a safer option than short-term, risky alternatives.”
“We’re so pleased to announce that Wollit is one of the first companies to be backed through the BBVA & Anthemis Venture Creation Partnership. This means Wollit now has access to mentors and resources inside the Anthemis and BBVA ecosystems beyond pure capital. This includes product development, data science, business development, and talent resources - as they grow their business.
We whole-heartedly believe in Wollit’s socially-focused mission and look forward to supporting the Wollit team to bring much-needed financial stability to this underserved section of our workforce”
“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.”