Wagestream Goes Mainstream as It Completes a £20m Series B Funding Round
Summary
LONDON--(BUSINESS WIRE)--Income streaming provider, Wagestream, which enables employees to access their earned wages in real time, today announced it has completed a £20m Series B funding round. Wagestream, which enables staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee, has seen demand for its product skyrocket among major UK brands over the past year. For example, employees have greater financial flexibility and security, which increases staff loyalty, while employers trying to fill overtime shifts, particularly during unsociable hours, have noticed it becomes easier to do this once they use Wagestream. Each day, too many staff in too many companies are being forced into the hands of predatory payday lenders because they are only paid their earnings once every 30 days, enabling people to access their earned wages anytime keeps them out of debt and also incentivises them to do more shifts because they are motivated by the ability to use that extra income immediately to make specific purchases.” “Income streaming is a unique innovative financial solution that improves people’s lives and there is no doubt that, in the future, Wagestream will become as important as any other benefits like healthcare. Wagestream is going mainstream and we are excited to play a part in its growth story.” “Many of the low paid who have kept the country running during the Covid-19 crisis, including key workers, are most vulnerable to the economic shock to come.