Wagestream has acquired a fellow London FinTech focused on serving the millions of workers denied traditional financial products.
, which led our FinTech 50 ranking last year, is a credit-building service targeting the estimated 20m workers who fall into this category, including the self-employed, frontline and shift workers.
The credit card company uses open backing data to approve customers based on a wider financial picture than just their credit score. It also helps them to improve their credit over time through a points-based credit limit builder.
Wagestream aims to level the financial playing field for shift and frontline workers through an app to manage financial wellbeing.
Terms of the acquisition remain undisclosed. The Keebo team, including CEO and founder Michael Vanaselja, will move into the Wagestream Group.
鈥淜eebo set out to serve the millions of people who are unfairly denied traditional financial products and services – by helping them get access to credit and build their credit over time,鈥� said Vanaselja.
鈥淣ow, we鈥檒l be able to bring our solution to even more people with Wagestream and reach millions of frontline workers who are underserved by traditional financial institutions.聽
鈥淭he mission overlap is huge, and we can鈥檛 wait to help even more people build towards better financial futures.鈥�
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Wagestream鈥檚 app is used by more than three million individuals via employers including Bupa, Asda, Pizza Express and the NHS.
Wagestream co-founder and CEO Peter Briffett added: 鈥淢any UK frontline workers are locked out of fairer financial services because of low credit scores.
鈥淲ith a phenomenal team and a product that鈥檚 already making credit fair and accessible for underserved households, joining forces with Keebo is another great example of聽 how we can make work more rewarding for frontline workers with workplace finance.聽
鈥淏y offering Wagestream, more than 1,000 employers now subsidise fairer financial services for their people, and, soon, help with building up a better credit history will be yet another benefit they can offer.鈥�