The firm’s latest funding includes a £15m Series A round led by Balderton and Northzone and a funding facility of up to £25m from lending bank, Shawbrook.
The funding total is, to date, the UK's largest pool of social impact investment.
Wagestream is a ‘get-paid-as-you-earn’ service which allows workers to access their earned income in real time. Employees can draw down a percentage of their earned wages any day of the month for a flat £1.75 fee. There are no loans involved and therefore no interest is charged.
Wagestream is on a mission to end in-work poverty and destroy the ‘Poverty Premium’, where people on low incomes pay more for a range of essential products and services such as insurance, energy, and credit.
The antiquated monthly pay cycle inflicts huge financial damage on household finances and its days are numbered. Too many people are pushed into a corner by in-work poverty and forced into the hands of payday lenders and high-cost credit."
