Funding

[Funding alert] London-based Wagestream Secures €20.4 Million in Funding

Apr 18, 2024 | By Startup Rise EU

Wagestream's, a financial benefits platform, employers such as Asda, Burger King, Bupa, Hilton, and others use secures €20.4 million in funding from new and existing investors.

Wagestream's, a financial benefits platform, employers such as Asda, Burger King, Bupa, Hilton, and others use secures €20.4 million in funding from new and existing investors.

Lombard Odier Investment Managers, an existing investor, and British Patient Capital, the largest domestic investor in venture and venture growth opportunities in the UK, are among the new investors contributing to the round.

Read also - Barcelona-based Factorial Secures $80Million in Funding

In 2018, Wagestream was established with funding from social impact funds such as Big Society Capital, Social Tech Trust, and Fair By Design. The aim of the company is to address the £430 "premium" that low- and middle-income households pay for basic services, as high street providers overcharge them for rigid products meant for higher-earners or completely exclude them.

With recent data showing that one in six UK adults have no savings and that more than a fifth are taking on extra debt as a direct result of the cost of living problem, financial wellbeing is at an all-time high on the national agenda.

Peter Briffett, co-founder and CEO of Wagestream, said: “Do frontline workers not deserve choice? Do frontline workers – who keep essential services running in good times and tough times – not deserve a better financial future? We believe they do, and more than 1,000 employers agree. Together we’re closing the gap, with a platform that helps wherever people are in their financial life – from paying off debt, to saving for the first time, to building a credit file and planning for the future. The result is a better experience at work, better quality of life at home, and business impact for the employer – because healthy teams are loyal, productive teams.”

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Ian Connatty, managing director, Direct & Co-Investment, British Patient Capital, added: “Wagestream is growing at a rapid pace, while still delivering on the important social mission at its core – we’ve been impressed by the team’s clear vision and agile execution. The potential to provide critical financial tools to underserved, overlooked frontline and shift workers is huge. We’re thrilled to be backing the business as it continues expanding its range of fair financial products and services in the UK and beyond."

About Wagestream

Wagestream, which was established in 2018, plans to use the most recent funds to broaden its offerings and develop into a "full financial platform" for low- and middle-class employees.This year, there will be new services such as a credit-builder card for those who were previously refused credit, shopping discounts for people affected by skyrocketing inflation, AI-powered coaching for people who are too expensive for the financial advisory industry, and loans for people who were overcharged by credit provide

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