Financial wellbeing app Wagestream has raised £17.5mn in a funding round.
In brief:
- Launched in 2018, Wagestream works with 1000 employers in the UK, Spain and US to enable three million people to access an interactive payslip, choose when to get paid, save for a rainy day, save money on bills and get debt advice.
- The company will use the new funding to expand its range of services and become a ‘complete financial platform’ for low and middle-income workers.
- This year will see the addition of a credit-builder card, the result of the recent acquisition of startup Keebo, which uses Open Banking data to approve customers based on their broader financial behaviour - instead of just their credit score.
What does this mean?
Peter Briffett, CEO, Wagestream, says: "We believe frontline workers deserve essential services and better financial futures. More than 1,000 employers agree. Together we’re 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."
