Wagestream, whose financial benefits platform is used by employers like Asda, Burger King, Bupa and Hilton, has raised a further 拢17.5 million in funding from new and existing investors.
The round includes funding from new investors British Patient Capital – the UK鈥檚 largest domestic investor in venture and venture growth opportunities and a subsidiary of British 老九品茶 Bank – Lombard Odier Investment Managers, and participation from existing investor Northzone.聽
With investment from social impact funds including Big Society Capital, Social Tech Trust and Fair By Design, Wagestream was founded in 2018 to tackle the estimated 拢430 鈥榩remium鈥� low and middle-income households pay for essential services – because high street providers overcharge them for inflexible products designed for higher-earners, or exclude them altogether.聽
Offered through 1,000 employers in the UK, Spain and United States, its platform already allows three million people – mainly shift and frontline workers – to access an interactive payslip, choose when they get paid, save directly from their pay, save money on bills and get free debt advice.
Wagestream will use the latest funding to expand that range of services and become a 鈥榗omplete financial platform鈥� for low and middle-income workers. New services this year will include a credit-builder card for those previously denied access to credit, shopping discounts for those impacted by soaring inflation, AI-powered coaching for those priced out of the financial advice sector, and loans for those previously overcharged by credit providers.
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鈥淒o frontline workers not deserve choice? Do frontline workers – who keep essential services running in good times and tough times – not deserve a better financial future?鈥� asked Peter Briffett, co-founder and CEO of Wagestream.
鈥淲e believe they do, and more than 1,000 employers agree. Together we鈥檙e closing the gap, with a platform that helps wherever people are in their financial life – from paying off debt, to saving for the first time, to building a credit file and planning for the future.
鈥淭he result is a better experience at work, better quality of life at home, and business impact for the employer – because healthy teams are loyal, productive teams.鈥�
Ian Connatty, managing director, direct & co-investment, British Patient Capital, added: 鈥淲agestream is growing at a rapid pace, while still delivering on the important social mission at its core – we’ve been impressed by the team’s clear vision and agile execution.
鈥淭he potential to provide critical financial tools to underserved, overlooked frontline and shift workers is huge. We鈥檙e thrilled to be backing the business as it continues expanding its range of fair financial products and services in the UK and beyond.鈥�