Founders: Peter Briffett and Portman Wills
Business: Wagestream is a financial wellness startup, hoping to eradicate the dependence on payday loans and empower employees to take control of their finances.
The startup allows staff to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee, meaning workers can access their earned income in real time. Using this model, the company is on a mission to end the financial stress caused by the monthly pay cycle and tackle the need for payday loans.
Founded in 2018, the startup is already working with companies including David Lloyd Clubs, TruBe and Camden Town Brewery. Wagestream allows employers to give their employees the benefit of flexible pay and in return, employers have seen a 10% increase in job retention, a 20% raise in productivity and a 100% increase in job applications, according to Wagestream. Employers face no changes to the pay role cycle, no impact on cash flow, no set up costs and seamless integration.
Wagestream recently closed a £15m Series A funding round, giving them a total raise of £40m. This means Wagestream has the UK’s largest ever pool of social impact investment. The company is on a mission a mission to bring the monthly pay scheme into the 21st century.