Startup of the Week - Wollit
by Startacus Admin
Gig worker or on a zero hour contract? Wollit is a FinTech startup that is “on a mission to give everyone access to financial wellbeing”
Proponents of the gig economy and zero hours contracts may hail flexibility as being a huge advantage, however that is of course accompanied by major financial challenges. After all, if you are working on an ad hoc basis or have irregular working patterns, this can have a major impact on your finances - the peaks and the troughs.In a bid to help, our latest startup of the week has created an innovative solution.
Wollit is a FinTech startup that is “on a mission to give everyone access to financial wellbeing”.
The startup aims to ensure that people on zero hour contracts or undertaking gig work can have a much smoother and stable financial life.
To do this, they have created a product called the Wollit Income Promise. In essence, this is the minimum amount of money that they will make sure you have access to each month, thereby helping to regulate your finances.
Here’s how it works:
Simply enter the amounts of your last three payslips and this will calculate your average earnings - this is your income promise.
Each month that you earn less than this average sum, Wollit will offer you a cash top-up to make up the difference.
If you have earned £1500 per month on average and then are having a much quieter month where you’re only going to earn £1200, your account will be topped up by £300 to keep things steady.
Then, when you’re having a good month and are going to earn more than your income promise, you can repay the top up. The good thing is though that you’ll always be left with at least your income promise. They’ll never deduct the full amount you owe if you haven’t earned more than that in a given month. And you’ll always be given a few days notice before any top ups are deducted from your account
Wollit is a subscription service and costs £9.99 per month.
It’s a small price to pay for the financial stability that it can bring. And that in turn of course can help in so many other ways.
We’ll be interested to see where this startup goes from here and what other innovative products they may introduce in a bid to increase our financial wellbeing.
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Published on: 19th February 2020
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