British Patient Capital has made a £7m investment in financial benefits provider, Wagestream. The backing is part of a £17.5m funding round. Co-investors include Lombard Odier Investment Managers and existing investor, Northzone. Wagestream is offered through 1,000 employers in the UK, Spain and US.
Its platform allows three million people, mainly shift and frontline workers, to access an interactive payslip. They can choose when to get paid, save for a rainy day, save money on bills and get debt advice.
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Employers currently offering Wagestream to their employees include Asda, Bupa, Burger King, Hilton and the NHS.
Wagestream to expand services to become a complete financial platform
Wagestream will use the latest funding to expand that range of services and become a ‘complete financial platform’ for low and middle-income workers.
New services this year will include a credit-builder card for those previously denied access to credit, shopping discounts for those impacted by soaring inflation, AI-powered coaching for those priced out of the financial advice sector, and loans for those previously overcharged by credit providers.
Ian Connatty, MD, Direct and Co-Investments, British Patient Capital, said: “Wagestream has built a fintech with social impact at its core. These technology businesses need both capital and supportive investors to help them to scale, grow and be the longer-term solution. We are delighted to support them as they look to growth both domestically and internationally.”
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By GlobalDataPeter Briffett, co-Founder and CEO of Wagestream, added: “We believe frontline workers deserve essential services and better financial futures. More than 1,000 employers agree. Together we’re closing the gap, with a platform that helps wherever people are in their financial life. From paying off debt, to saving for the first time, to building a credit file and planning for the future. The result is a better experience at work, better quality of life at home, and business impact for the employer. Healthy teams are loyal, productive teams.”
