Wagestream, a London, UK-based financial wellbeing app founded by charities and designed for frontline workers, today announced it has closed a $175 million Series C funding round as it prepares to scale up support for underserved, financially stressed workers across North America and beyond.
The round was led by new investors Smash Capital – a U.S.-based investment firm focused on later-stage consumer Internet and technology companies. The round also includes new investors BlackRock, joined by follow-on investments from existing shareholders Balderton Capital, Northzone, charity fund Fair By Design, and new financing from Silicon Valley Bank.
The Series C capital primarily will be used to scale up Wagestream’s presence in new markets such as the U.S. - the company’s fastest-growing market.
Company: Wagestream Ltd.
Round: Series C
Funding Month: April 2022
Lead Investors: Smash Capital
Additional Investors: BlackRock, Balderton Capital, Northzone, charity fund Fair
Company Website: https://wagestream.com/
Software Category: Financial Wellness Software
About the Company: Wagestream is the financial wellbeing app founded by charities, designed for frontline workers, and built around their pay. Offered through caring employers like Burger King, Crate & Barrel, University of Chicago, and Popeye’s, it makes work more inclusive, fair, and rewarding for one million people – by giving them access to fair financial services built around flexible pay. Workers use Wagestream to choose their own pay cycle, manage their budgeting, save for a rainy day, chat to a personal money coach, and get fairer deals on financial products – all in one app, with no change to payroll. Wagestream is driven by a social charter – every service it provides must measurably improve financial wellbeing. Over 70% of people using Wagestream feel more in control of their money, leading to a happier, healthier, more productive workforce. More than one million workers in industries such as retail, hospitality, and healthcare are currently able to use the app through employers including Burger King, Pizza Hut, Crate & Barrel, Bupa, and the UK’s National Health Service. One million workers now can access Wagestream globally through over 300 employers in the U.S., UK, Spain, and Australia.