Wagestream closes $175M Series C in largest ever fintech-for-good fundraise

Wagestream app

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 was led by Smash Capital with funds managed by BlackRock, as well as 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.

By tackling a social problem and finding a solution that creates a better outcome for both employers and employees, Wagestream has been able to shape a whole new financial wellbeing category that makes work and money fairer for people around the world – with strong product-market fit and glowing feedback clients and end-customers. We’re incredibly excited to see the team continue on that mission, and build on the early demand it has seen in international markets.

Rob Moffat Partner, Balderton

When we launched Wagestream, many employers viewed financial wellbeing in the workplace as a long-term aspiration; now they realise it is a national emergency.

Peter Briffett CEO & co-founder, Wasgestream

Wagestream was founded in 2018 by Portman Wills (CTO), Peter Briffett (CEO) and a group of leading financial charities to give people access to a set of fairer financial services.

Workers access Wagestream through employers in industries such as hospitality, healthcare and retail, who subsidise the service. With financial inclusion in mind, the app provides a variety of financial services to help them build up their financial health over time. People can track their shifts and pay each day, choose their own pay cycle, build up savings and win prizes, set money goals and chat to a personal financial coach, and get fairer deals on financial products – like insurance, utilities and credit for essential services – than they would have access to elsewhere.

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