Wagestream, the leading financial wellbeing platform, has successfully secured a £300 million debt financing facility from Citi. This significant investment will enable Wagestream to expand its Workplace Loans product across the UK. Offering flexible and accessible credit options to employees in need.
The £300 million facility marks a critical milestone in Wagestream’s growth. It will fuel the company’s mission to provide employees with fair and sustainable financial solutions, enhancing financial wellbeing. Wagestream’s commitment to addressing financial stress has attracted backing from notable investors. Including Better Society Capital, Social Tech Trust, Fair By Design, and a host of venture capital firms such as Balderton Capital, Northzone, QED, Smash Capital, BlackRock, and British Business Bank.
Workplace Loans: A Solution for Financial Resilience
Wagestream’s Workplace Loans, launched in late 2024 through an early access program, have already helped thousands of workers manage unexpected expenses. Designed with flexible repayment options, these loans are deducted directly from payroll, catering to various income frequencies. With interest rates starting at 5.9% APR and an average representative APR between 13.9%-16.9%. The loans offer an affordable alternative to high-interest borrowing from traditional financial institutions.
The platform’s ability to provide accessible credit aims to alleviate financial pressures on workers, helping them build greater financial resilience. Wagestream’s Workplace Loans offer a solution that prioritizes the financial wellbeing of employees. Providing them with tools to track spending, access earned wages, and save effectively.
The Co-Founders’ Vision for Financial Wellbeing
Founded in 2018 by Peter Briffett and Portman Wills, Wagestream was driven by a shared vision to improve financial wellbeing for workers. Briffett, the CEO, brought years of leadership experience from previous roles in technology and business, while Wills, the CTO, is a serial entrepreneur with a history of founding successful tech ventures.
Wagestream was specifically designed to tackle the financial stress faced by frontline workers. Addressing their financial challenges through a unique set of tools. This focus on financial wellbeing has helped Wagestream become a leader in its field, with over three million users across the UK, Europe, and the US.
Wagestream currently serves over three million people through 1,200 employers and partnerships with more than 2,000 brands. The platform processes over 10 million monthly transactions and £2.5 billion in payments, demonstrating the significant impact it has had on workers’ financial wellbeing.
Portman Wills, Wagestream’s co-founder, commented, “We’ve seen significant uptake and positive feedback from employees benefiting from fair and accessible credit. This new credit facility will allow us to scale rapidly and provide more employees with an alternative to the high-interest loans offered by traditional financial institutions.”
Expanding Financial Wellbeing Through Innovation
With the new funding, Wagestream plans to broaden its product offerings and enhance its user experience. The company aims to invest in tools that will further empower employees to take control of their finances. Through user-friendly solutions and transparent terms, Wagestream continues to differentiate itself from traditional financial institutions.
As a certified B Corporation, Wagestream adheres to a social charter that guarantees fair financial services. The company’s innovative approach has earned it recognition in The Times Tech100 and Sifted 100 FinTech Fastest Growing Startups for 2025. Further highlighting its commitment to improving financial wellbeing.
Wagestream’s expansion marks a pivotal moment in the evolution of financial wellbeing services. By prioritizing employees’ needs and offering accessible financial tools, Wagestream continues to redefine how workers engage with their earnings. The company is on a mission to make financial stability attainable for all employees. Transforming how businesses approach financial health in the workplace.
