FinTech start-up Wagestream have raised £4.5m in funding from a group of the worlds leading technology and social impact investors including the London Mayor’s Co-Investment Fund
The fledgling company’s ‘Get-Paid-As-You-Go’ service allows workers to access their monthly wages in real-time.
Co-founded by Portman Wills and Peter Briffett, former COO of YPlan and CEO of LivingSocial UK, Wagestream aims to end the ‘payday poverty cycle’, and last-resort measures like payday loans along with it.
Backers include QED Investors, Village Global (a global VC backed by leading entrepreneurs, including Bill Gates and Jeff Bezos), as well as the London Mayor’s Co-Investment Fund and the Fair by Design fund, whose social impact charities include Big Society Capital, Nominet Trust and the Joseph Rowntree Foundation.
Research shows that over half of families cannot afford a £250 unplanned expense – around the same amount as the average payday loan in the UK.