Spanish bank BBVA and leading UK venture capital firm Anthemis have announced a joint seed investment of £1 million in UK fintech Wollit; Wollit, which is set to go live this summer, is addressing the uncertainty over earnings that many gig economy workers face; they will offer a £9.99 monthly subscription product called Income Promise which, as the name implies, promise workers a consistent pay; it does this by guaranteeing a top-up for cash constrained users (up to £500) using open banking technology to both automate payments and to calculate a credit limit; users can then repay the loan interest free when their income improves; CEO Liad Shababo said, “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”. Sifted
