Income streaming provider, Wagestream, which enables employees to access their earned wages in real time, today announced it has completed a £20m Series B funding round. Early-stage venture capital specialist Northzone is leading the funding round with participation from QED Investors, Latitude Ventures and Balderton Capital.
This latest investment — which takes the total raised to £65m — will be used to consolidate the company’s dominant market share in the UK and to fund its international expansion.
“Where people work and how they work is changing by the day, all the more so since Covid-19 struck. Now the way in which people get paid is changing, too, and at scale. Wagestream provides a financial flexibility that is perfectly suited to today’s agile and progressive workforce” said Peter Briffett, CEO and Co-Founder of Wagestream.
“Income streaming is a fast-growing alternative to the antiquated monthly pay cycle, and is being embraced by more brands, charities and organisations by the day as it boosts employees’ financial resilience. Each day, too many staff in too many companies are being forced into the hands of predatory payday lenders because they are only paid their earnings once every 30 days, enabling people to access their earned wages anytime keeps them out of debt and also incentivises them to do more shifts because they are motivated by the ability to use that extra income immediately to make specific purchases.”