Wagestream secures £15m from Balderton and Northzone
FinTech startup Wagestream has closed a £15 million series A funding round, co-led by venture capital investors Balderton Capital and Northzone.
In addition, the venture snagged a credit facility of up to £25 from Shawbrook Bank. At £40 million, Wagestream says the total amount raised marks the largest single social impact investment to date in the UK.
The company allows staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee and counts Camden Town Brewery, Slug & Lettuce and Carluccio’s as customers. Peter Briffett, CEO and Co-Founder, comments: “The feedback we are getting from private companies and public sector customers alike is that staff are happier, more productive and have greater financial security once they start using our service. 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. Wagestream is at the point of scaling up rapidly and this historic investment is going to accelerate the pace at which companies across the country liberate their staff from payday poverty and the disastrous social consequences that stem from it.”