Fintech startup Steady raises $9 million in Series A funding; Shaquille O’Neal joins the team

Steady, the income-building platform for the Build-Your-Own (BYO) workforce, has raised $9 million in Series A financing to rapidly scale and extend product features. The latest round was led by Propel Venture Partners, with significant participation from Omidyar Network, the impact investing firm established by Pierre Omidyar, the founder of eBay. The funds raised in this round will be used to rapidly scale and extend product features. Shaquille O’Neal also joined the Steady team as an Advisor and Advocate for the BYO workforce.

In addition, the company also announced that Ryan Gilbert, Partner at Propel Venture Partners and Propel Venture Partners Vice President David Mort will be joining Steady’s Board of Directors. Other investors include 25Madison, Clocktower Ventures, and Commerce Ventures.

Founded in 2017 by Adam Roseman, Eric Aroesty, and Michael Loeb, the Atlanta-based startup is helping people create financial stability and take charge of their future. Steady was founded in 2017 by a team with deep experience in financial services and startups. Anyone can sign up for free on Steady and find easy, instant access to the work opportunities and financial resources they need to grow, control, and stabilize their income. The startup is  already serving 100,000 Americans since it launched last week. Today, Steady delivers personalized income-building opportunities, an income tracker, and exclusive relevant discounts.

“The traditional 9-5 career path doesn’t work for everyone, and we’re seeing more and more people set out to make their own way. Steady sees and serves this group, giving them the tools to discover new job opportunities, and the resources to earn more money and take control,” said Shaquille O’Neal. “Helping hardworking folks do and get more is an important mission and I’m excited to be part of it.”

Work is changing. Full-time jobs are giving way to more flexible arrangements—shift work, part-time contracts, gigs, and an endless combination of these—that create income uncertainty; retirement resources aren’t cutting it for millions of Americans; and the resulting income mix throws people’s relationship to banks and financial products out of balance. Enter Steady.

“In today’s America, the single, upward career path is a false notion for too many people. A long-term, consistent, path of ascension just isn’t attainable in most industries. People need to create their own,” said Steady co-founder and lead seed round investor Michael Loeb, from Loeb Enterprises. “Steady is uniquely built to address a financial health crisis that’s hitting epidemic proportions.”

Steady starts by helping BYO workers easily find and apply to income-building opportunities that match their availability, abilities, and interests. Whether augmenting retirement savings, working around childcare responsibilities, leveraging gig opportunities, or supplementing insufficient income from a primary employer, Steady helps people earn more.

“Today’s workforce faces wage stagnation, underemployment and an increasing cost of living. All this leads to people just not making enough money to live the American Dream, and instead they’re caught in a very vulnerable place,” said Ryan Gilbert, Partner at Propel Venture Partners. “We’re excited to back Steady in delivering much needed solutions aimed at the root problem—insufficient earnings. If people are to thrive in today’s changing world, a solution like Steady is imperative.”

Hard work and ambition are integral to the economic fabric. But for too long, full-time employment has been valued over other kinds of work. Steady changes that, with an income-building platform for people building self-directed careers in the new economy. We’re creating a model that employers, media, and financial services firms can use to better understand the patterns and opportunities that can be found in this dynamic, growing segment.

According to press release by the company, the new BYO workforce will be able to rely on Steady to discover and apply for extra income opportunities and shifts from large employers, small, and medium businesses and the hottest startups (including the top 40 gig economy players)—filtered by location, interests, availability, and goals, in addition to helping define their overall portfolio of work.

The BYO workforce will also have the capability t0 monitor relevant community activity, learn from peers, uncover new opportunities, and create connections that help maximize earning potential and access a marketplace of exclusive benefits—from essentials such as prescriptions and groceries, and discounts on major expenses such as auto care and telecom.

“This undertaking is both enormous and essential,” said Adam Roseman, CEO and founder of Steady. “We are aiming no lower than at rebalancing the American economy and I couldn’t ask to be a part of a more talented and passionate team for the job.” Steady is available for free on the App Store and Google Play and at web.steadyapp.com.