Steady, whose fintech platform helps more than 6 million workers nationwide to track and boost their income, today announced the launch of Steady Impact. As the social impact arm of the popular app, Steady Impact is already the leading administrator and data provider for cash assistance programs across the country, having distributed $115 million to more than 700,000 individuals through partnerships with city governments and community-based organizations.
"When we set out to launch our cash assistance program for San Diegans impacted by the pandemic, we knew that success would depend on a partner who not only had the technological capacity to deliver support to families in need, but also shared our mission of uplifting the community," said Khea Pollard, Director of Economic Mobility and Opportunity for Jewish Family Service of San Diego. "It's been clear from the beginning that Steady Impact believes deeply in that mission. Their unparalleled understanding of what it takes to build, maintain, and measure an effective cash assistance initiative is helping thousands of families across the region recover stronger."
Steady Impact has helped to develop and administer cash assistance programs in cities from Atlanta to Santa Fe to Baltimore, as well as innovative initiatives launched by community organizations and nonprofits like the Black Music Action Coalition's OnRamp. The company's technology is also used to help program leaders measure the impact of cash assistance on recipients' financial health, and Steady Impact works in partnership with the country's foremost coalitions and research organizations focused on the topic, including Mayors for a Guaranteed Income and the University of Pennsylvania's Center for Guaranteed Income Research.
"A growing body of research suggests that cash assistance can be one of the most effective drivers of financial stability and economic mobility," said Adam Roseman, Co-Founder and President of Steady. "The launch of Steady Impact is not just recognition of work we've been doing for a long time. It's also a renewal of our commitment to leveraging technology to scale what works in the fight against endemic wealth and opportunity gaps."
Co-founded by Shaquille O'Neal, Steady launched in 2017 with the goal of harnessing the potential of emerging technology to alleviate poverty. The company now works with several state governments to streamline the administration of unemployment insurance, SNAP, Medicaid, and other safety net benefits for non-standard workers, who now make up an estimated one-third of the U.S. labor force.
"Steady's mission of making more people financially healthy is incredibly personal to me," said Shaquille O'Neal. "This is the next step in the company's efforts to make sure that everyone has the financial resources to support themselves and their families."
At Steady ,we make data work for the non-standard workforce (1099, gig, and contingent workers). We partner with governments and financial institutions to help their systems work better for the workers we serve. Our flagship 1099 verification of income solution, Income Passport, is promoting access, equity and program integrity across the US. By extracting insights from data on more than 1.5 billion enriched financial transactions and over 151 billion enriched deposits, we help streamline benefits administration, quantify earnings, expand access to credit, reduce fraud, and improve outcomes.