Flexible benefits platform Wagestream raises £17.5m

Wagestream, a flexible benefits platform used by Asda, Burger King and Bupa, has closed a £17.5m funding round.

Founded in 2018, Wagestream is a platform for shift workers to access earnings from completed work before designated paydays.

Wagestream also offers users debt advice and savings options. The company said a significant portion of its users are frontline workers.

“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?” said Wagestream co-founder and CEO Peter Briffett.

“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.”

As well as providing early earnings access, Wagestream plans to use its new funding to expand its offering in hopes of creating a “complete financial platform”.

Upcoming features include a credit-builder card, AI-powered financial coaching and loans for those who struggle to access favourable terms from credit providers.

The new funding came in part from British Patient Capital, a subsidiary of the state-owned British Business Bank, which invested £7m into the company. Lombard Odier Investment Managers and Northzone provided additional financing.

“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,” said Ian Connatty, managing director of direct and co-investment at British Patient Capital.

“The potential to provide critical financial tools to underserved, overlooked frontline and shift workers is huge.”

In 2022, Wagestream raised £135m in a Series C funding round.

The post Flexible benefits platform Wagestream raises £17.5m appeared first on UKTN.

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