Wagestream lets workers access their earned income at any time during the monthly pay cycle. Completely taking away the need to access credit or loans, it can be operational without any change to a company's cash-flow, payroll or timekeeping processes, and provides instant financial security to UK workers
Co-Founded by Portman Wills and Peter Briffett, former COO of YPlan and CEO of LivingSocial UK, Wagestream wants to reestablish the link between work and financial reward, a link often broken in monthly pay cycles. Launching with 25 employers, it believes that this can have a significant impact on people’s behaviour with companies already reporting increases in employee retention, productivity and job applications as a result of offering Wagestream as an employee benefit.[1]
Peter Briffett, CEO and Co-Founder of Wagestream, commented:
“As we mark the death of one of the payday loan giants, we’re pleased to finally present a viable solution to help give the UK’s workforce the financial freedom they deserve. While the wider and long outdated issue of monthly pay cycles is in desperate need of modernisation, for far too long legal loan sharks have been exploiting the most disadvantaged consumers with crippling high-cost loans.
The poverty premium is real. Lower income workers can often pay more than everyone else, despite struggling to make ends meet. At Wagestream we give people access to their earned income when they need it, without the need for employers to alter their usual payroll frequency. We are seeing first hand the positive impact removing the financial stress caused by monthly pay cycles, credit card debt and even worse, payday loans, is having on workforces across the country.”
In an extra effort to support workers affected by payday loans, Wagestream will be donating all of it’s August revenue to Step Change Debt Charity which works to help people with debt problems take back control of their finances and their lives.
Among Wagestream’s launch partners are businesses which operate in the hospitality, security and retail arenas.
David Reed, Ops Director, Key Security, said:
“Partnering with Wagestream has not only provided our staff with better flexible and financial security, but has also had a positive impact on our service delivery with staff volunteering for extra shifts.”
The launch follows news that Wonga went into administration on Thursday 30th August. On Sunday 2nd September, Wagestream employees staged a funeral procession through the City to mark the end of the payday loans era.
