Finance app Portify fortifies with £1.3m funding
The UK start-up scene is far from soporific as London-based finance app Portify has got itself £1.3 million in seed funding.
The round was led by Kindred Capital and Entrepreneur First, with participation from various unnamed angel investors.
Portify joins a bustling market in the UK as it offers an app to control, budget for tax and savings. It also provides discounts and rewards – so “the more work you do, the more you get rewarded”. Its partners for this are Amazon, TransferWise and Spotify.
The company was founded in May last year by Sho Sugihara (CEO) and Chris Butcher (CTO).
Sugihara has worked as a consultant at McKinsey in London and Tokyo. Butcher has been a software engineer at HR platform Charlie and a developer at start-up studio The Eleven in London.
Sugihara tells TechCrunch that its vision is to “enable financial security and well-being for independent workers”.
He adds: “Once a user gets access to our app, the first thing they do is securely connect their bank account.
“We then help control volatility by offering emergency credit with select stores to buy essential products if required. We also help our users manage cash flow and budget for tax and other recurring expenses.
“By building up financial security and well-being from the ground up, our goal is to improve our user’s financial standing over the long term, whether through saving for retirement or helping them invest into their own businesses and careers.”
With the UK in the grip of the gig economy and temp staffing, Sugihara tells TechCrunch that its app is being used by independent workers in these sectors. Such as couriers, ride-hailing drivers, retail shop floor staff and hospitality workers.