/ C O R R E C T I O N -- Wagestream /

Wagestream England United Kingdom

or less. With the traditional financial system stacked against 80% of the working world, those on lower incomes are usually the hardest hit. Workplace Savings was created to change that structure. Partnering with Investec, Wagestream is able to offer this market leading product with no minimum deposit or fees to its members, which is usually reserved for high income earners. Employees have the option to save a monthly fixed amount, or they can switch on Save the Pennies, which rounds down each worker's shift pay to the nearest pound, and adds the difference to their savings.

Wagestream first launched in 2018, entering the banking movement with a flexible pay solution, which allowed employees to access and withdraw their pay as they earned it. Fast forward seven years, and it has evolved into a holistic financial wellbeing provider – from flexible pay and high interest savings products, to affordable loans, budgeting, coaching and financial education services. Wagestream is at the forefront of this major shift in the employee–employer relationship, as financial services move beyond traditional institutions into the workplace.

Peter Briffett, CEO of Wagestream, said: "With the launch of external deposits, we are entering a new era of next generation workplace financial products. This is just the beginning of the revolution, as we continue to impact the lives of millions of people, with fairer financial services."

So far, £38 million has been saved by Wagestream members, providing them with more opportunities for growth, freedom and resilience in their day to day lives.

Backed by a social charter and the mission to reduce the poverty premium, Wagestream currently serves more than three million members across 2000+ employer brands.

This announcement comes on the back of Wagestream recently announcing a £300 million debt financing facility provided by Citi, to expand the Workplace Loans product to its UK member base.

World-leading impact investors, Better Society Capital, Social Tech Trust and Fair By Design, along with renowned venture capital investors, Balderton Capital, Northzone, QED, Smash Capital, BlackRock and British Business Bank, have all invested in Wagestream.

About Wagestream:

Globally, 3 million people now have Wagestream membership through 2,000 brands – across the U.K., Europe and U.S. – making it the world's most widely-used financial wellbeing provider. Offered through employers, the platform attracts more than 12 million monthly visits, helping members to earn, learn, save, spend and borrow on their own terms, all in one smartphone app. Wagestream is a B corporation, built with a social charter to provide fair financial services.

View original content:https://www.prnewswire.co.uk/news-releases/wagestream-unleashes-next-gen-workplace-savings-as-demand-soars-302485721.html