Wagestream Receives £17.5 Million In Investment To Fuel Growth And Innovation

Wagestream, a financial well-being application, has secured £17.5 million in a financing round with participation from the British business bank unit, Patient Capital. According to the company, the fund will be used for expansion of its operations. Patient Capital injected £7 million into Wagestream, with Northzone and Lombard Odier Investment Managers supplying additional capital.

Wagestream Seeks To Create A Fair Financial Ecosystem

Wagestream is the sole financial wellness application created in collaboration with charitable institutions, tailored for frontline employees. Its collection of easy-to-use, fair financial offerings and services assists individuals in managing their money securely and easily.

The firm says it offers important financial services and tools to assist frontline workers around the world, especially during these difficult times. The company is developing a financial ecosystem that promotes financial fairness, inclusion, and rewards in the workplace. Wagestream says the funding will enable the firm to ease the financial burdens of customers.

With the economic hardship and increasing interest and cost rates, employers are facing difficulties in managing their finances.  Their incomes are no longer solving their financial needs as much as they used to. Employees are feeling the heat, which can affect their well-being and mental health.

The Platform Plans To Use The Funding To Enhance Its Suite Of Services

Wagestream was Established in 2018 and collaborates with 1000 employers in the US, Spain, and the UK. It enables up to three million individuals – primarily frontline and shift workers – to utilize an interactive payslip, get debt advice, reduce expenses, save for emergencies, and select their payment schedule.

Employers presently making this service available to their workers include the NHS, Hilton, Burger King, Bupa, and Asda.

The firm will utilize the fresh funding to enhance its suite of services and transform into a comprehensive financial platform tailored to Lower and middle-class employees.

This year will witness the introduction of a credit-building card, following the recent acquisition of startup Keebo. The innovative card utilizes Open Banking data to evaluate customers’ overall financial behavior for approval, rather than solely relying on their credit score. The platform is also preparing for AI-driven financial mentoring and shopping discounts.

The Chief Executive Officer of Wagestream, Peter Briffett, commented on the development. He stated that the firm believes that frontline employees deserve fundamental services and enhanced financial opportunities.

He added that the company is bridging the gap, offering a platform that assists individuals at every stage of their financial journey – whether they are settling debts, beginning to save, constructing a credit history, or strategizing for the future.