Wagestream secures £300 million in debt financing from Citi

Launched in late 2024 through an early access program, Wagestream’s Workplace Loans has already helped the lives of thousands of borrowers. With this facility now in place, Wagestream has the ability to expand the Workplace Loans product offering to its UK member base and continue investing in the product.

The loans are tailored to individual needs, circumstances and repaid through payroll deductions. They are designed with the reality of varied income frequencies, rather than a single, monthly payday. There are no fees, clear terms, helping employees make informed decisions to build their financial resilience. Rates start as low as 5.9% APR with an expected average representative APR of 13.9%-16.9% across the portfolio.

Portman Wills, Wagestream co-founder comments: “In just a short period, we’ve seen significant uptake and positive feedback from our members benefiting from fair, accessible credit. This credit facility will allow us to scale our offering dramatically, reaching more employees, with an alternative to the high interest loans offered by traditional financial institutions”.

Wagestream’s solutions are offered to over three million people through 2,000+ brands, helping employees make better financial wellbeing decisions, from how and when they get paid, to live tracking, budgeting and coaching services, to enabling better savings habits. The company processes more than 10 million monthly transactions and more than £2.5 billion in monthly payments on its platform.

World-leading impact investors, Better Society Capital, Social Tech Trust and Fair By Design, along with renowned venture investors, including Balderton Capital, Northzone, QED, Smash Capital, BlackRock and British Business Bank, have all invested in Wagestream.

This announcement comes amid continued growth and momentum for Wagestream, including being recognised in The Times Tech100 for 2025 and Sifted 100 FinTech Fasted Growing Startups for 2025.