Wagestream, a London, UK-based financial wellbeing platform, acquired the Australian operations of fintech startup Earnd.
The amount of the deal was not disclosed.
The acquisition will see Earnd Australia’s leadership, product, customer and local market expertise become part of an expanded Wagestream Australia team.
Founded in 2018, Earnd is a provider of on-demand pay, also known as Earned Wage Access (EWA). Offered as a benefit by employers, this allows workers to access their money as it’s earned, throughout the month. A number of employers in Australia now offer the service, through Earnd, including Hungry Jack’s, JD Sports and The Adecco Group.
Still headquartered in Sydney, Earnd Australia’s full team of 14 will become part of Wagestream’s expanded Australia division.
Led by Peter Briffett, founder and CEO, Wagestream is a financial wellbeing platform that helps employers provide a suite of financial resilience tools to their employees — allowing them to track their income, access earnings on-demand throughout the month, put money away with a micro-savings tool called Safestream, and learn about money management with financial education and coaching delivered in app.
Wagestream and Earnd Australia’s shared financial wellbeing expertise will now create an accountable, transparent market leader with established teams in the UK, Spain, Australia and the United States.