Wagestream, a UK-based fintech, announced on Tuesday it has secured £20 million through its Series B funding round, which was led by Northzone with participation from Balderton Capital, QED Investors, LocalGlobe, Fair By Design, Jigsaw VC, and Village Global.
Founded in 2018, Wagestream explains it offers customers’ employees the “power” to stream their earned wages into their accounts whenever they need it through an instant app.
“Our growing list of Wagestream partners are seeing up to a 40% increase in staff retention, 10% increase in employee productivity and a huge competitive recruitment advantage – as much as a 10X increase in job applicants by offering flexible daily pay to employees.”
Wagestream further noted that by giving your workforce the financial freedom they deserve, it is proven to make a significant, positive impact on staff retention and productivity in the workplace. Peter Briffett, Wagestreem Co-Founder and CEO, also stated:
“The way people get paid is changing. Income streaming is a fast-growing alternative to the antiquated monthly pay cycle. 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.”
Wagestream noted that the investment will help its mission to put every employee across the globe on the path to financial resilience.