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Wagestream raises £20m for income streaming service

Wagestream raises £20m for income streaming service

Wagestream, a UK startup that lets customers draw down their 'earned income' at any time during the pay cycle, has raised £20 million in a Series B funding round led by Northzone.

QED Investors, Latitude Ventures and Balderton Capital joined the round for Wagestream, which has now raised a total of £65 million.

Launched in 2018, Wagestream enables staff at participating employers to draw down a percentage of their earned wages any day of the month for a flat £1.75 fee.

The startup claims to now support 320,000 workers, with new client sign-ups particularly strong in the second quarter as employers sought to make their staff more financially resilient in the face of Covid-19.

Having recently launched its technology in Spain, the Netherlands, France and the US, Wagestream plans to use the new funding to push its international expansion.

Peter Briffett, CEO, Wagestream, says: "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."

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