Steady offers an income verification platform called Income Passport that connects applicants to their financial accounts and gig platforms, enabling real-time analysis and standardized reporting of various income types, including 1099 and self-employment. This technology addresses the inefficiencies in the income verification process for public agencies, significantly reducing administrative burdens and accelerating benefit eligibility decisions.
Funding
$38.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Public agencies face challenges in efficiently verifying income for benefit eligibility due to reliance on manual processes and disparate income sources, including 1099 and self-employment income. This leads to administrative burdens, delays in benefit delivery, and increased risk of improper payments.
Solution
Steady offers Income Passport, a user-permissioned income verification platform designed for the public sector. The platform connects applicants to their financial accounts, digital wallets, and gig platforms, providing real-time analysis and standardized reporting of all income types. By automating data collection and verification, Income Passport reduces manual review time, accelerates eligibility decisions, and improves payment accuracy. The platform employs AI-powered algorithms to detect inconsistencies and monitor for suspicious patterns, ensuring program integrity and preventing fraud.
Target Audience
The primary target audience includes public sector agencies responsible for administering benefits programs such as Medicaid, SNAP, TANF, and unemployment insurance.
Features
- Connects to applicant financial accounts, digital wallets, and gig platforms for comprehensive income data.
- Provides real-time income analysis and standardized reporting, including 1099 and self-employment income.
- Reduces manual review time by up to 93% through electronic verification.
- AI-powered fraud detection identifies inconsistencies and suspicious patterns in income data.
- Supports integration with existing agency systems through embedded solutions and no-code customization.
- Offers a modular approach to deployment, allowing agencies to tailor the solution to their specific needs.
- Provides enterprise-grade security and compliance to protect applicant data and maintain public trust.