BBVA and Anthemis support the launch of UK financial health fintech Wollit

Wollit , the London-based financial wellness startup, has received backing from venture capital firm Anthemis and Spanish banking giant BBVA. According to Crunchbase, the investment totals £1 million.

The investment will support the launch of Wollit’s first product, The Wollit Income Promise. An income stability tool that enables people to take home the same amount of money each month, even if their hours and earnings fluctuate. Wollit’s efforts will initially focus on supporting zero-hour workers whose contracts do not guarantee any hours of work at all.

“Wollit is here to establish a new status quo in financial services. We want to make sure everyone has access to financial wellbeing. This funding supports our first product, The Wollit Income Promise, which offers a financial safety net for the 14 million U.K. workers whose income fluctuates from month-to-month. With this, we set to end their monthly gamble of feast or famine and provide a safer, more sustainable option than the short-term, risky alternatives.” – Liad Shababo, Wollit CEO.

“We’re so pleased to announce that Wollit is one of the first companies to be backed through the BBVA & Anthemis Venture Creation Partnership. We whole-heartedly believe in their socially-focused mission and look forward to supporting the Wollit team to bring much-needed financial stability to this underserved section of our workforce.” – Farhan Lalji, Principal at Anthemis.