Wagestream, the financial wellbeing platform used by half a million employees and backed by social impact charities such as the Joseph Rowntree Foundation and Barrow Cadbury Trust, has acquired the Australian operations of 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.
“With a social charter at our core, we remain completely focused on improving the financial health of people in work, globally. Josh and his team have built an innovative, technically impressive, fast-growing business in Australia – but most importantly, one with the same mission and organisational values as Wagestream said Peter Briffett, founder and CEO of Wagestream.
Still headquartered in Sydney, Earnd Australia’s full team of 14 will become part of Wagestream’s expanded Australia division.
Announcement: Wagestream Acquires On-Demand Pay Platform Earnd