Wagestream, a London, UK-based fintech startup whose ‘Get-Paid-As-You-Go’ service allows workers to access their monthly wages in real-time, raised £4.5m in funding.
Backers included QED Investors, Firestartr (a London-based early stage venture fund), Village Global (a global VC backed by leading entrepreneurs, including Bill Gates and Jeff Bezos), as well as the London Mayor’s Co-Investment Fund and the Fair by Design fund, whose social impact charities include Big Society Capital, Nominet Trust and the Joseph Rowntree Foundation.
Co-Founded by Portman Wills and Peter Briffett, former COO of YPlan and CEO of LivingSocial UK, Wagestream provides a ‘Get-Paid-As-You-Go’ service that allows workers to access their ‘earned income’ at any time during the monthly pay cycle.
The service can be implemented by companies without impacting cash-flow, payroll or timekeeping processes, and provides instant financial security to UK workers.
The company – accredited by the FCA – expects its approach will displace the current payday cycle – particularly for employers which operate large numbers of shift and temporary workers, in sectors such as hospitality, security, retail and manufacturing.
Over 20 employers and partners are now piloting the Wagestream platform including Key Security, and Fourth, who provide cloud-based hospitality solutions for a large proportion of the hospitality industry.