Wagestream taps motorway service area business Moto

Source: Wagestream

The UK’s largest motorway services operator, Moto Hospitality, has rolled out a new financial wellbeing initiative for its 4,500 colleagues - partnering with charity-backed fintech Wagestream on a range of innovative services to help boost their financial resilience, including Earned Wage Access (EWA).

Moto is the UK’s largest motorway service area business - operating more than 60 locations with over 300 branded restaurants and shops such as Marks & Spencer, Greggs, Costa Coffee and Burger King. It also manages the Moto in the Community Trust, a charitable foundation that has raised over £7m to support local communities around the country.

Moto’s 4,500 colleagues around the UK have worked tirelessly to adjust and keep services running during the pandemic. This has ensured that while lockdown restrictions kept consumers at home, commercial vehicles have been able to keep goods moving and critical services running. In addition to working flexible shifts and keeping services open 24 hours a day, this meant adapting sites for drivers’ comfort, safety and convenience - introducing contactless payments, social distancing and rigorous cleaning regimes.

The business prioritises the wellbeing and development of its people, putting them at the heart of the company’s success - from competitive pay, pensions and bonuses, to a comprehensive reward and recognition scheme, to its ‘journey planner’ career development approach for each team member.

As part of the new financial wellbeing initiative, the team will have access to the Wagestream app and benefit from EWA (Earned Wage Access) — helping them deal with unexpected expenses and prevent financial stress, by accessing a percentage of their earned wages any day of the month for a flat £1.75 fee. There are no loans involved and no interest is charged; EWA, when offered as part of a carefully monitored financial wellbeing programme, is proven by data to reduce financial stress and reliance on predatory forms of credit.

As well as being the market-leading provider of EWA, Wagestream provides a full suite of financial resilience tools — allowing users to track their income, put money away with a micro-savings tool called Safestream, and learn money skills with financial education within the app. This includes on-demand videos that empower staff to look after their money, and an online resource hub that identifies what information and entitlements are relevant to them.

Wagestream, which closed a £20m Series B in 2020, is one of Europe's leading social impact fintech scale-ups. Around half a million workers currently have access through employers including Bupa, Brewdog, Zizzi, Greene King, JD Sports Virgin Care.

Wagestream’s latest bi-annual Impact Assessment, published with guidance from charity partners, found that 77% of employees with the app feel less stressed, 72% feel more in control of their money, and almost half (46%) say it has stopped them feeling distracted by money worries at work.

Ken McMeikan, Chief Executive of Moto Hospitality, said:

“We’re incredibly proud of the relentless efforts of our team, over the past year, and are constantly looking for ways to support their development and wellbeing. We know that financial stress has increasingly become a challenge for workers during the pandemic, and see financial wellbeing as a key new area for us to support them on.

“That’s why we’ve chosen to roll out Wagestream’s pioneering app. Giving our colleagues the ability to track, access, save and manage money more easily, just made sense: if we can help reduce financial stress and give them greater financial freedom, everyone wins.”

Peter Briffett, CEO and Co-Founder of Wagestream, said:

“At Wagestream, we’re on a mission to improve the financial health of every worker. We can’t do that without the support of employers like Moto, whose 4,500 team members have worked day and night to keep our roads open during the pandemic.

“If all leaders were as forward-thinking as Ken and his team, and every business as passionate about helping its workforce with financial wellbeing as Moto, the impact on society would be profound. The data now shows that the ability to track, access, save and manage wages as part of a financial wellbeing programme is incredibly powerful, and we look forward to seeing the Moto team benefit from it.”

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