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.