BBVA’s venture capital investment unit, Propel Venture Partners, is joining with former basketball legend Shaquille O’Neal and the Omidyar Network to invest in Steady, an app-based startup for gig economy workers.
Propel is leading the $9 million funding round in the business, which provides support services and job opportunuties to help people make the most out of flexible working lives.
The firm, which currently serves more than 100,000 US workers, is aiming to supplement its advisory service network with the addition of its own financial products, geared towards people working in insecure jobs.
Steady says it intends to act as a a financial services advocate, working with financial institutions and other providers to build a portfolio of financial products that are currently hard to access without a traditional full-time job.
“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,” says Ryan Gilbert, partner at Propel Venture Partners. “We’re excited to back Steady in delivering much needed solutions aimed at at the root problem—insufficient earnings."