The new round, led by Northzone, takes the total raised to £65m and will be used to consolidate the company’s dominant market share in the UK and to fund its international expansion.
Wagestream enables staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee, offering them greater flexibility with their finances.
As there are no loans involved, no interest is charged. Having access to earnings also means many forms of high-interest credit are easier to avoid.
Wagestream has seen demand for its product skyrocket among major UK brands over the past year. New client sign-ups were particularly strong in the second quarter, as employers sought to make their staff more financially resilient in the face of Covid-19.