New UK paytech WondaPay launches deposit holding platform to help freelancers get paid

New London-based paytech WondaPay has launched a payment solution platform for freelancers designed to prevent late and unpaid invoices.

WondaPay CEO and founder JJ Rathour

WondaPay says the service acts as a financial intermediary between freelancers and their clients.

The platform holds on to a mutually agreed deposit and releases the payment when work has been completed.

The FCA-regulated service also has customisable contracts and dispute solution functionality.

WondaPay says freelancers spend an average of 20 days per year chasing late payments, and almost half have written off a project because payment never materialised.

The mutual review system is based on a fixed set of criteria which automatically ranks both parties, designed to build stronger working relationships between clients and freelancers.

The start-up claims the UK’s 4.3 million freelancers contribute £145 billion to the country’s economy.

WondaPay CEO and founder JJ Rathour says: “The freelance community makes a significant contribution to the UK economy, and a growing number of small businesses are becoming increasingly reliant on their services. But payment issues are a common problem.”

Rathour adds his firm aims to help businesses “find the right freelancers to work with” and help freelancers reduce “the stress of chasing missed payments”.