Wagestream, a financial wellbeing application, has successfully secured £17.5 million in a recent funding round that included participation from a subsidiary of the British Business Bank.
The investment includes £7 million contributed by British Patient Capital, with additional funding from Lombard Odier Investment Managers and Northzone.
Founded in 2018, Wagestream collaborates with approximately 1,000 employers across the UK, Spain, and the US, providing three million individuals—predominantly shift and frontline workers—with a variety of financial tools. These offerings include interactive payslips, flexible payment scheduling, savings options, assistance with bills, and debt management advice. Notable employers providing this service include Asda, Bupa, Burger King, Hilton, and the NHS.
The newly acquired funds will be directed toward enhancing their service offerings, with the aim of evolving into a comprehensive financial platform catering to low- and middle-income workers. This year, Wagestream plans to introduce a credit-builder card, a feature stemming from its recent acquisition of the startup Keebo. This new product leverages Open Banking data to evaluate customers’ financial behavior rather than relying solely on traditional credit scores. Additionally, the company has plans to roll out shopping discounts, AI-driven financial coaching, and loan products in the future.
Peter Briffett, CEO of Wagestream, expressed his commitment to supporting frontline workers by providing essential services to improve their financial futures. “Over 1,000 employers share our vision. Together, we are bridging the gap with a platform that assists individuals at every stage of their financial journey—from tackling debt and initiating savings to building credit profiles and planning for their future,” he stated.