“Power over pay” – that’s Wagestream’s message.
The London-based startup was founded in 2018, with the aim of giving employees and employers the ability to access, track, save and manage their earned wages. The Covid-19 pandemic showed that there is a very thin line between financial wellbeing and mental health.
Although Fintech has been popular in the capital for a long time, Wagestream have gone the extra mile to provide solutions and guidance to people in work. Wagestream, which was founded by Peter Briffett and Portman Wills, is backed by leading investors and charities, over 200 companies; and 450,000 employees. Their social founding charity partners include names such as: Social Tech Trust, Big Society Capital and Barrow Cadbury Trust.
Part of Wagestream’s unique offering is their leading-market smartphone app, which is made up of four separate products. Pay and spend tracking, flexible pay, automated saving and flexible coaching are all part of the offering. Employees can benefit from certified financial coaches in real-time on their phone.
Before an organisation can benefit from the wide range of tools Wagestream offer, they will get to know the organisations’ needs and manage the implementation process. Once up and running, each colleague will have access to up to 50% of their accrued wages throughout the month which they can access in the event of an unplanned expense. The average transferred by current users is £70; this has saved a number of colleagues from having to turn to payday loans as an alternative.
They recently raised $25 million to give employees control over their payday. They are also teaming up with Visa to expand its offerings in Europe.
Find out more about Wagestream.