Fintech fast-tracks income-levelling for freelancers


Wollit exists to help flexible workers be more financially stable

Fintech Wollit, which aims to help with the financial wellbeing of freelancers, gig workers has brought forward the launch of Wollit Income Promise, its first product—which tops-up the monthly pay packets of freelancers and gig workers—by several months in the wake of the coronavirus outbreak.

The service aims to regulate the incomes of those not in full-time work. Wollit provides customers with an interest-free cash top-up whenever they earn less than their average monthly earning. A £9.99 fixed monthly fee is the only cost to customers.

So, if an individual agrees with Wollit that their average earnings are £2,000 a month, but one month they only earn £1,500, then Wollit will top up the £500. The top-ups are repaid when the individual earns more than the £2,000. A credit limit is agreed beforehand between the customer and Wollit.

https://www.altfi.com/article/6367_london-based-fintech-brings-forward-launch-of-income-levelling-product-to-help-freelancers-and-gig-workers-hit-by-coronavirus

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