Wagestream Announces $175M for Frontline Worker Financial Wellbeing

Wagestream, the financial wellbeing app founded by charities and designed for frontline workers, announced it has closed a $175 million Series C funding round as it prepares to scale up support for underserved, financially stressed workers across North America and beyond. The round was led by Smash Capital and includes new investor BlackRock, joined by follow-on investments from existing shareholders Balderton Capital, Northzone, charity fund Fair By Design, and new financing from Silicon Valley Bank.

“When we launched Wagestream, many employers viewed financial wellbeing in the workplace as a long-term aspiration; now they realize it is an emergency,” said Peter Briffett, Wagestream CEO and co-founder. “For example, 93% of companies we recently surveyed plan to put a financial wellbeing program in place, and we’re seeing a similar shift in the U.S. By addressing the financial wellbeing of their employees, employers become the hero and solve their own HR challenges in the process – from recruitment, to retention, to productivity.”

Workers access Wagestream through participating employers, who subsidize the service. The app syncs with payroll systems and allows employees to access and manage their income – either directly through the app, or as an integration with workforce management technology partners. Additionally, with financial inclusion in mind, the app provides users with a variety of financial services to help them build up their financial health over time.

Announcement: Wagestream Announces $175M for Frontline Worker Financial Wellbeing