Sep 12, 2018
"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."
Peter Briffett wants to re-establish the link between work and financial reward, a link often broken in monthly pay cycles. Launching fintech startup Wagestream with 25 employers, he 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.
Co-Founded by Portman Wills and Peter Briffett, former COO of YPlan and CEO of LivingSocial UK, the company raised over £4m in funding from the world’s leading technology and social impact investors. Backers include Village, a global VC backed by leading entrepreneurs, including Bill Gates and Jeff Bezos, as well as QED Investors, the London Mayor’s Co-Investment Fund.
The launch follows news last week that leading payday lender Wonga went into administration on Thursday, 30th August.
I caught up with Peter to find out more.