UK fintech Wagestream has secured a fresh £17.5 million investment to bolster its financial benefits platform tailored for low and middle-income earners.
The funding round includes contributions from existing investor Northzone, which also participated in Wagestream’s $175 million Series C funding in 2022, along with new investors Lombard Odier Investment Managers and British Business Bank subsidiary British Patient Capital.
Wagestream’s platform empowers employers to provide their workforce with access to an interactive payslip, enabling employees to select when they receive payment, save directly from their earnings, reduce expenses on bills, and access free debt advice.
Peter Briffett, co-founder and CEO of Wagestream, highlights the platform’s role in enhancing the work experience, improving quality of life outside of work, and driving business benefits for employers. Briffett emphasizes that healthy and financially secure teams are more loyal and productive.
Operational across 1,000 employers in the US, UK, and Spain – including notable names like Asda, Burger King, Bupa, Hilton, and the NHS – Wagestream serves approximately 3 million employees, primarily comprising shift and frontline workers.
With the latest funding infusion, Wagestream aims to expand its platform to offer a comprehensive suite of financial services. This expansion includes addressing the £430 premium that low and middle-income workers typically pay to access essential services.
Wagestream plans to introduce new services such as a credit-builder card for individuals with poor credit scores, shopping discounts to alleviate inflationary pressures, loans, and an AI-powered financial advisory tool, all slated for launch later this year.
The fintech company’s technological capabilities were reinforced by its acquisition of London-based credit card challenger Keebo in October last year.
Source: fintechfutures.com
