Wagestream, a London-based startup innovating financial wellbeing solutions, announced a €352 million debt financing facility provided by Citi in order to continue its app-based offering and develop their Workplace Loans product.
Better Society Capital, Social Tech Trust and Fair By Design, along with venture investors, including Balderton Capital, Northzone, QED, Smash Capital, BlackRock and British Business Bank, have all invested in Wagestream.
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”.
Founded in 2024, is a financial well-being app that is offered through employers, the platform attracts more than 12 million monthly visits, helping members to earn, learn, save, spend and borrow, all through their proprietary app.
The platform currently processes more than 10 million monthly transactions and more than €2.9 billion in monthly payments.
“It’s very simple to operate from both an end user and administrator perspective. Our employees have reported better financial health, reduced stress, and fewer needed trips to payday loan providers. It’s great to use as both a retention and recruiting incentive,” said Brad McGerald, Director, HR Ops Services.
Along with its current offering, Wagestream is further developing its Workplace Loans initiative. 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“.
Current rates start at 5.9% APR with an expected average representative APR of 13.9%-16.9% across the portfolio.
With offices in London, Madrid, and New York, 3 million people now have Wagestream membership through 1,200 employers – across the U.K., Europe and U.S. – making it (according to Wagestream) the world’s most widely-used financial wellbeing provider.
Wagestream’s solutions are offered through 2,000+ brands, aiming to help 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.
This has resulted in more than 12 million monthly visits and 27% decrease in time-to-hire, 16% reduction in turnover, and 26% increase in shift fill rate for select users.
Read the orginal article: https://www.eu-startups.com/2025/05/british-fintech-startup-wagestream-secures-e352-million-for-fair-financial-services-for-employees/
