Founder: Peter Briffett (CEO) & Portman Wills (CTO)
The Business: Wagestream is on a mission to alleviate the financial stress caused by the monthly pay cycle by giving workers early access to their pay. Through a simple app, Wagestream allows employees to stream a percentage of their earned wages into their current accounts any day of the month.
Wagestream unlocks the constraints of the monthly pay cycle, and helps to eradicate the debt issues and financial stress many workers face if they are forced to turn to payday lenders and other forms of high-cost, short-term credit including overdrafts.
The service turns client companies into more attractive employers, making it easier to recruit and retain staff. It also makes it easier for firms to fill shift rotas because, once on-demand pay re-establishes the link between work and reward, workers are more enthusiastic about overtime. Analysis has shown that shift workers choose to work 22% more hours on average once they have access to income streaming. The service does not impact employers’ cash flow and costs workers just £1.75 per stream.
Wagestream was founded in 2018 with a social purpose and its early investors include Big Society Capital, Fair by Design and social impact charities the Joseph Rowntree Foundation and the Barrow Cadbury Trust.