Wagestream secures £20m Series B funding led by Northzone to expand internationally.
Northzone led the £20m Series B round to support international expansion and strengthen UK market share.
Wagestream operates a financial benefits platform providing tools such as flexible pay access, budgeting, and savings for shift and frontline workers. The company partners with major employers to deliver fair financial services aimed at lower-income households.
Income streaming provider Wagestream has secured £20m in a Series B funding round led by Northzone, bringing its total funds raised to £65m. The latest capital injection will be deployed to consolidate its market share in the UK and drive international expansion.
Participation in the round came from QED Investors, Latitude Ventures, and Balderton Capital. Demand for the company workplace banking products has accelerated significantly as employers seek to enhance staff financial security during the economic uncertainty caused by Covid-19.
Wagestream has expanded its footprint internationally, launching technology in Spain, the Netherlands, France, and the US. The platform is used by major UK organisations, including several NHS trusts, Bupa, and Rentokil, helping workers avoid high-interest credit by drawing down earned wages.
From the founder
"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."
Peter Briffett
Co-founder and CEO at Wagestream
Investor perspective
"Income streaming is a unique innovative financial solution that improves people’s lives and there is no doubt that, in the future, Wagestream will become as important as any other benefits like healthcare. The increasing popularity of income streaming, and the way that employers are fast getting wise to how they benefit hand in hand with their staff, is tracking the trajectory we all expected to see, which is outstanding progress."
Jeppe Zink
Partner, Northzone
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Wagestream
Financial benefits provider delivering services for low and middle-income workers.