Balderton, Northzone co-lead £15m round for Wagestream

The firm says it aims to kill off the payday loans industry by offering customers the option of drawing down a percentage of their monthly wages before payday for a flat fee.

Wagestream has raised a total of £40m in the latest round, including a £25m credit facility from Shawbrook Bank. This makes the latest round the largest social impact investment into a UK company ever, according to the statement.

Previous funding
QED Investors led a £4.5m funding round alongside Firestartr and Ascension Ventures in September 2018.

Company
Founded in 2018, Wagestream is a consumer finance business that offers a service for employees to access their wages before payday for a flat fee of £1.75. The business is headquartered in London and has 120,000 customers in the UK.

People
Balderton Capital – Rob Moffat (partner).
Northzone – Jeppe Zink (partner).
Wagestream – Peter Briffet (CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• Balderton Capital
• United Kingdom
• Northzone
• Venture
• Social Impact