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Wagestream offers employee financial wellness at a click

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by Startacus Admin

Fintech startup Wagestream allows employees to decide when they get paid their wages without the Wagestreamneed for costly interest being charged. 

Millions of people know the struggle of stretching their payday wages across the void to the next payday. The bulk of it goes out almost immediately to cover bills and what remains has to do you until the rinse and repeat stage.

This can essentially lead to a form of poverty that we don’t consider people to be in when they have a full-time, paying job, and many of Wagestreamthose people have to take out short term loans to get by, which only adds to the debt racking up. This cycle of debt and poverty is not something anyone should have to experience, particularly with a paying job.

Wagestream is a UK FinTech startup aiming to put an end to this cycle, benefitting both employee and employer.

The core function of the Wagestream app is to allow employees to track exactly what they earning, down to the hour and, crucially, to transfer any amount of those earnings into their account at any time for a flat fee of £1.75.

Whether it is for an unexpected expense or a bill not covered by the last paycheck, you don’t need to wait for payday to pay it off.

For employers, implementing Wagestream as a benefit to employees is a great way to reduce stress in the workplace and therefore increase productivity and become a more desirable employer. There is no set-up fee or other costs for integrating the platform into the payroll.

Wagestream, currently running a pilot programme with 25 business, recently raised £4.5m in investment with backers including Bill Gates and Jeff Bezos. We’re on board with any startup that helps reduce stress, increases freedom, and opens up options for people to access the money they are earning. We wouldn’t be surprised to see this as a default option in the majority of UK companies very quickly.

If you like the sound of this fintech startup, you might also want to read up on

Multiply.ai - The innovative startup that's aiming to be a financial advisor for everyone.

Know Your Customer - a platform that automates 90% of manual tasks in anti-money laundering compliance.


 

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Published on: 15th September 2018

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