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    Wagestream Raises $175M in Series C Funding

    Wagestream raised $175M in Series C Funding, a UK-based financial wellness app provider.

    Smash Capital led the round, with Reddit, SonderMind and Epic Games participating. BlackRock, Balderton Capital and Northzone participated. Silicon Valley Bank also participated.

    The company plans to use the funds for expansion in new markets like the U.S.

    Founded in 2018 by Peter Briffett (CEO), Portman Wills (CTO) and a group of leading financial charities, including Joseph Rowntree Foundation, Barrow Cadbury Trust, Social Tech Trust, Big Society Capital, and the Fair By Design fund, Wagestream is a financial wellbeing app designed for frontline workers and built around their pay. Offered through caring employers, it makes work more inclusive, fair and rewarding for people – by giving them access to fair financial services built around flexible pay.

    Wagestream is subsidized by participating employers. The app syncs with payroll systems and allows employees to access and manage their income – either directly through the app, or as an integration with workforce management technology partners. The app also offers a range of financial services that can help users build their financial health. For example, people can choose how often they’re paid, track their shifts and pay each day, build savings and win prizes, access free financial coaching, and get fairer deals on products – like insurance and utilities – than they would have access to elsewhere.

    More than one million workers in industries such as retail, hospitality and healthcare are currently able to use the app through employers including Burger King, Pizza Hut, Crate & Barrel, Bupa and the UK’s National Health Service. Over 300 employers across the U.S. and Australia now offer Wagestream to over a million workers.

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