Wagestream, a London, UK-based flexible wage app, raised £40m in funding.
The round included:
– £15m in funding from Balderton and Northzone.
– £25m in funding facility from specialist savings and lending bank Shawbrook.
The company will use the funds to continue to expand operations.
Led by Peter Briffett, CEO and Co-Founder, Wagestream is a ‘get-paid-as-you-earn’ service that allows workers to access their earned income in real time. The company’s platform allows staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee.
With Wagestream, there are no loans involved and therefore no interest is charged.
The service is used by over 120,000 UK employees at clients including David Lloyd, Rentokil PLC, Camden Town Brewery, Slug & Lettuce and Carluccio’s.