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Friday 09 November 2018

Portify gets £1.3m to manage gig worker finances

logoOh my goodness, there's so many fintech apps out there now aiming to help you manage your finances. And here's one for 'gig economy' workers – Portify (no idea where that name comes from and another startup owns the Twitter handle!). Its app connects with users' bank accounts for managing financial activity, and includes a rewards system based on the amount of work you do. Portify's current rewards partners are Amazon, Spotify and TransferWise.

If I understand this right, Portify aims to use gig economy employers (is that a contradiction in terms?) as its channel to market, offering the platform as some sort of incentive scheme.

Anyway, founded in May 2017, Portify has recently raised £1.3m is a seed funding round led by Kindred Capital and Entrepreneur First, with angel investors also participating.

While most apps for gig economy workers seem aimed at helping them find and manage their work, I do 'get' the idea of a financial management app specifically targeted at this community. Success, though, will likely depend both on Portify getting 'employers' on board to promote the app to their workers, and the workers themselves seeing something more in Portify than in the very many other financial management apps in the market.

If you want to understand the state of global fintech, then subscribers to our FinancialServicesViews research stream can read our intuitively named report, "FintechViews - The State of Global Fintech". What? You don't subscribe to FinancialServicesViews? You'd better drop a note to info@techmarketview.com to find out how to fix the problem!

Posted by Anthony Miller at '09:59' - Tagged: funding   startup   FinTech  

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