Wagestream, a platform which enables employees to access their earned wages in real time, has completed a 拢20m Series B funding round.听
The firm鈥檚 technology, which is being used by five NHS Trusts, Bupa, Rentokil,听Kwikfit,听Brewdog, Zizzi and听Roadchef, enables their staff to access their earned wages as they are earned.听听
This latest investment takes the total raised by the firm to 拢65m. It will be used to consolidate the company鈥檚 market share in the UK and to fund its international expansion.听
Early-stage venture capital specialist听Northzone听is leading the funding round with participation from QED Investors, Latitude Ventures and听Balderton听Capital.听
Wagestream听enables staff to draw down a percentage of their earned wages any day of the month for a 拢1.75 fee.听听
The offering has seen increased demand in the second quarter, as the firm reports employers sought to make their staff more financially resilient in the face of Covid-19.听
Peter听Briffett, CEO and Co-Founder,听Wagestream, said 鈥榠ncome streaming鈥� was a modern alternative to the monthly pay cycle.听听
鈥淓ach day, too many staff in too many companies are being forced into the hands of predatory payday lenders because they are only paid their earnings once every 30 days, enabling people to access their earned听wages anytime听keeps听them out of debt and also incentivises them to do more shifts because they are motivated by the ability to use that extra income immediately to make specific purchases,鈥� he said.听听听