Wagestream is a British fintech startup that has recently made the news in financial circles. It's received an infusion of investor funding to grow and expand its operations. Wagestream allows workers to access an app that allows them to instantly stream their earned wages into their accounts to avoid taking out expensive payday loans with their high-interest rates. It's a beneficial platform that puts the average worker in control of their paychecks allowing them to withdraw needed help from money already earned instead of waiting for their paydays. If you're not yet familiar with this impressive new company, here are twenty things you probably didn't know about Wagestream.
1. Wagestream is a new company
Wagestream is still a relatively new company in its infancy stages of development. The enterprise launched in 2018 and has been in business for less than four years. Its headquarters are in London, England, United Kingdom. The European startup is making waves in its home country and already changing the lives of workers previously caught in the cycle of payday loans. The legal name of the company is Wagestream Ltd.
2. Wagestream is a versatile enterprise
Crunchbase confirms that Wagestream is listed across four industries on internet searches. It falls under the category of FinTech in the broader sense of its description. Wagestream is also in the financial services category, along with wealth management. It is listed under apps because the platform provides an instant app for mobile phones to allow workers the convenience of accessing earned wages through their phones at any time and any place.
3. The Wagestream website uses complex technologies
Wagestream's website uses 20 technology products and services to power its website. The complex array of technologies provides users with a smooth and seamless experience on the website and using the apps associated. Some of the technology products and services include jQuery, Google Analytics, HTML5, Mobile Non Scaleable Content, Domain Not Resolving, SPF, and a dozen others.
4. Wagestream maintains uniqueness in the fintech industry
Wagestream offers a unique platform in the fintech industry that sets it apart from other fintech businesses. It's the only app that allows workers to draw their earnings from the job instantly, as needed. Wagestream took steps to protect the intellectual property of its platform to maintain distinctness in the industry. Wagestream secured three registered trademarks in the scientific and electric apparatus and instruments category. The trademarks legally protect the intellectual properties and prohibit competitors from using or copying them, allowing Wagestream to stand out in the sea of Fintech companies.
5. Wagestream is growing in popularity
Wagestream is a new company offering services not previously available to consumers. The company has not been in operation for long, but it is already attracting thousands of visitors to its website each month. The analytics reports for the Wagestream website show that over the past thirty days, 33,371 people have visited or used the website. This number represents a monthly visits growth rate of 95.63%. The Wagestream website is ranked number 1,031,704 of the millions of websites registered on the world wide web, and interest continues to grow each month, as news of the services spreads.
6. Wagestream is the most popular in the United Kingdom
Wagestream's analytics reports show that most of the web traffic for its website comes from people living in the United Kingdom. Sixty-six percent of the visitors are from the UK representing a 67.07 percent increase in the number of monthly visits to the site. eighteen percent of the web traffic is from the United States with monthly visits growth of 128.59%. Ten percent of the web traffic is from Japan. Four percent of the visitors are from Australia with a 243.87% monthly visits growth rate. Two percent of the visitors are from the Philippines. The statistical data shows that interest in Wagestream's products and services is attracting international interest.
7. Wagestream's executive leadership team has six members
There are six members on the executive leadership team of Wagestream. Archie Chappel is the director of strategic affairs. Richard Johnes is the senior vice president. Jingbo Huang is the director of data and integrations. Peter Briffett is the co-founder and chief executive officer. Portman Wills is a co-founder and chief technology officer. Christopher Steinau is an investor on the team. The executive leadership team is supported by a group of more than two dozen executives and high-ranking management professionals.
8. Wagestream has one member on its board of directors
The board of directors has one member, offering advisement on financial and strategic plans. The sole member of the Wagestream board of directors is Rob Moffat. He joined the board in 2019. Rob is a partner at Balderton Capital. He currently serves on nine boards of directors in advisory roles.
9. Wagestream invests in other startups
Wagestream is also a corporate investor. So far, it has invested in one company. Wagestream invested in a company called GajiGeson on November 29, 2021. GajiGesa is a financial wellness enterprise with a platform that helps people in Indonesia achieve financial security and dignity from their jobs. Its headquarters are in Jakarta, Raya, Indonesia. The company had a total funding amount of $9.1 million.
10. Wagestream has made one acquisition
Part of the strategic plan for growth and expansion of services and its geographical reach involves the acquisition of similar companies. Wagestream acquired a company called Earnd on March 24, 2021. It's based in Sydney, New South Wales, Australia. The company is a financial wellness benefit helping employees avoid late fees and predatory credit options. The business had a total funding amount of $2.5 million before the acquisition was completed. Earnd continues to function in its location in Australia as a subsidiary of Wagestream, expanding the company's reach into the Australian continent, and enhancing Wagestreams global reach. It's the first of what will likely be many more acquisitions in the years ahead.
11. Wagestream is a venture capital-backed enterprise
Wagestream has participated in seven rounds of venture capital fundraising efforts. The most recent was a Debt Financing round that closed on April 13, 2022. Wagestream attracted attention and secured the support of investors early in its development. The funding helped early organizers and founders to set the company on solid ground and launch the program, offering services to its growing consumer base.
12. Wagestream has high investor confidence
Wagestream has performed brilliantly for a young company. At a time in its development when most new businesses struggle to survive, Wagestream is thriving and growing. It attracted the interest of fifteen investors who support the fundraising efforts. The total amount raised in the fundraising efforts is $254.3 million. The large investment amounts and number of investors are evidence that their confidence is high in Wagestream's potential to succeed and provide solid returns on the investments made. Some of the investors include Balderton Capital, LocalGlobe, Silicon Valley Bank, a lead investor, XYZ Venture Capital, BlackRock, a lead investor, Smash Capital, a lead investor, Northzone, Village Global, the Fair By Design Fund, and several others.
13. Wagestream is a privately held enterprise
Wagestream is a privately owned company. The founders decided to maintain control over the interests of their company. You won't find it listed on any of the public stock exchanges because it has not yet filed for an initial public offering. No shares of stock exist for Wagestream on the stock market. The company is doing quite well without the need to take it public to raise funds. Although its status may change in the future, for now, only private investors may put their bets on its future success.
14. Wagestream is disrupting the Payday Loan industry
Techcrunch confirms that Wagestream is a powerful disrupting force on the payday loan industry. It allows workers to plug into the wages they've already earned from their jobs and draw out a percentage for a low flat fee. Payday loan companies charge hundreds in percentage point interest on small loans which are taken out of the worker's bank account automatically on payday. These predatory loans help keep low-income borrowers broke with their noses below the waterline. Wagestream helps them to avoid the high interest of predatory loans and draw out wages already earned in advance of the issue of paychecks.
15. Wagestream is playing their cards close to the vest on valuation
Wagestream's most recent influx of investor capital increased the valuation of the nearly four-year-old company. The CEO of Wagestream, Peter Briffett confirmed that the valuation is higher than ever, but he declined to disclose the estimated valuation at this point. The most recent round of investor funding brought in an additional $51 million to the coffers. Investors likely prefer to keep the valuation confidential for the time being.
16. Wagestream's customer base is growing
Numerous companies have already signed up for the products and services offered through the Wagestream platform. Among them are Carluccio's chain of eateries, the NHS, Hackney council Camden Town Brewery, Rentokil PLC, The Slug & Lettuce pub chain, and others. Approximately 120,000 workers now have access to the financial payday draw benefits offered through the Wagestream instant app at low flat fees.
17. Peter Briffett worked at Microsoft
CEO and co-founder of Wagestream, Peter Briffett is a former employee at Microsoft. He also worked for the Amazon-backed company called LivingSocial. He has years of corporate experience in the corporate world and financial planning, having served as the chief executive officer of LivingSocial for many years. His expertise helps him to understand how to set up a successful business startup and grow it into a thriving business. He brings his skills and experience with valuable insights to the table at Wagestream.
18. Peter Briffett is on a mission to help workers break financial cycles
He has a keen understanding of how workers earning low wages can get in a financial bind in between paychecks. Predatory loan firms offer them a quick solution with high fees that charge them many times over what the small loans are worth in the financial market today. He understands how easy it is to get in a predicament and get caught up in a cycle of paying back high-interest loans. The goal of Wagestream is to break the cycle and offer affordable low rates that are negligible for borrowing against funds already earned. It can change the landscape of the financial arena for those who use the service. He targeted the demographic experiencing the highest incidences of financial crises to offer them a more affordable alternative to predatory loans.
19. Wagestream is currently hiring
LinkedIn confirms that Wagestream is expanding its workforce. The company has an employee headcount of 165 workers before making new hires. We checked out the position descriptions they've listed as open. Wagestream is actively recruiting six new workers in the United States. It's good news and evidence that the company plans to expand its platform in the United States. Wagestream has a high potential for transforming the way Americans deal with small emergent financial crises and it may help many US citizens to break the payday loan cycle.
20. Wagestream is a company to keep your eye on
Wagestream is a new company offering a revolutionary and groundbreaking new platform that could put the payday loan companies out of business. It offers workers the opportunity to take a draw against wages they've already earned and access the funds early. The transaction fees are remarkably low and offered at a flat rate with no surprises. It's an option that could make the difference in avoiding overdraft charges, late payments on vehicles, or utility shutoff. It's a financial tool to help people better manage their financial resources without the need to submit to the unreasonable charges of predatory loan providers. Wagestream is coming to the United States and it is likely to spread throughout the globe. It's a company to keep your eye on in the months and years ahead. We forecast a bright and sunny future for Wagestream.
Written by Allen Lee
Read more posts by Allen Lee