Wagestream to get £20 million in a round led by Northzone, with participation from QED Investors, Latitude Venture Partners and Balderton Capital.
Wagestream, a London, UK-based financial services provider that allows workers to access earned income in real time, announced the completion of a £20 million ($25.2M) capital investment round.
The money was raised from international and UK-based investors led by Northzone, with participation from QED Investors, Latitude Venture Partners and Balderton Capital. Proceeds will be used to consolidate the company’s market share in the UK and to fund its international expansion.
Wagestream, founded in 2018 and led by CEO Peter Briffett, developed a mobile application which allows employees to stream their earned wages into their accounts, giving them control over when they’re paid. Wagestream also offers an automatic savings product called Safestream, which enables users to put aside a small amount of their pay before it’s actually paid to them. The app serves about 300k users employed by Wagestream customers includin Brewdog, Honest Burgers, Rentokil and five NHS trusts.
Prior to this round, Wagestream raised £45 million.