London-based social impact fintech startup Wagestream raises €46 million for its service to end payday poverty
Summary
Wagestream is on a mission to end in-work poverty, eradicate payday loans, and destroy the ‘Poverty Premium’, whereby people on low incomes pay more for a range of essential products and services such as insurance, energy, and credit. Rapid adoption of the Wagestream platform by UK corporations shows that employers are willing to invest in staff financial wellness and tackle in-work poverty. Wagestream is also a supporter of Finance For Good — a collective of fintech services firms committed to improving the financial wellbeing of everyday people. “The feedback we are getting from private companies and public sector customers alike is that staff are happier, more productive and have greater financial security once they start using our service,” said Peter Briffett, CEO and Co-Founder of Wagestream. “Wagestream is at the point of scaling up rapidly and this historic investment is going to accelerate the pace at which companies across the country liberate their staff from payday poverty and the disastrous social consequences that stem from it.”
Funding
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