Wagestream Raises £17.5M to Provide Financial Services for Neglected Workers

London-based Wagestream secures £17.5 million to address the financial neglect of low and middle-income workers by traditional banking services. The company's financial benefits platform caters to employees of businesses like Asda and Hilton.

Since its establishment in 2018, Wagestream has helped 3 million individuals access flexible payment schedules, savings options, bill management, and debt guidance through its platform used by 1,000 businesses in the UK, Spain, and the United States.

This year, Wagestream plans to introduce new services like a credit-builder card, shopping discounts, AI-powered coaching, and loans for individuals who previously faced overcharging by credit providers.

Recent data reveals the financial instability faced by many UK adults, prompting 81% of businesses to implement additional financial assistance for employees, resulting in improved recruitment, retention, and productivity.