Workers use Wagestream to choose their own pay cycle, manage their budgeting, save for a rainy day, chat to a personal money coach, and get fairer deals on financial products - all in one app, with no change to payroll.
The new round comprises a $50 million equity investment led by Smash Capital with funds managed by BlackRock, as well as $115 million in debt financing from Silicon Valley Bank.
The round also includes follow-on investments from existing shareholders such as Balderton, Northzone and the charity fund Fair By Design. Balderton co-led the company's Series A in 2019.
Historically, frontline workers have been excluded or forced to pay more for financial services than other workers. Research from the University of Bristol shows they pay a premium of £490 more for basic household and financial services each year - the equivalent of 14 weeks’ food shopping.
With a social charter at its core, Wagestream was founded to solve this problem - by giving people access to a set of fairer financial services.