Shawbrook Bank makes history with income streaming app Wagestream
Shawbrook Bank delivers up to £25m of funding through a Wholesale facility to fintech, Wagestream. The funding line from Shawbrook contributes to over 50% of the total finance that Wagestream have raised to date, making the total amount raised the largest pool of social impact investment to have occurred in the United Kingdom.
Launched in early 2018, the social impact fintech is campaigning for flexible pay and seeking to end financial stress caused by the monthly pay cycle by short-circuiting the cycle. The Wagestream app gives workers flexibility by allowing them to withdraw a proportion of money that they have earned from their employer, ahead of their standard month-end pay check. With the funding from Shawbrook, the company hopes to grow their business rapidly to meet increasing demand from trading businesses and their employees across the nation.
The focus that Wagestream have on improving consumer financial wellbeing was a key factor in why Shawbrook were keen to support the firm at this early stage in their journey. With considerable expertise in structuring wholesale funding facilities, combined with their knowledge of venture debt and fast growth businesses, Shawbrook was the go-to specialist bank for the Wagestream team.
Peter Briffett, CEO and co-founder at Wagestream, says:
“We’re excited to rapidly grow our business, and with the funding from Shawbrook, we can do just that. The expertise of the team and the flexible structure the team proposed really demonstrated that they knew our business well, meaning they can deliver exactly what we need, right when we need it.”
Jake Francis at Shawbrook Bank says:
“Myself and the team at Shawbrook are delighted to collaborate with Wagestream to structure this specialised wholesale facility, and we are excited at the opportunity to support the growth of such an innovative business.”