Wagestream, the UK-based financial wellbeing platform, has locked in a £300 million debt financing deal with Citi. This major funding boost will supercharge the company’s mission to give workers across the UK access to affordable credit through its growing Workplace Loans programme.
These loans are designed with flexibility in mind—offering payroll-deducted repayments and interest rates that start at just 5.9% APR. For many workers dealing with unexpected bills or fluctuating income, this kind of fair, accessible lending offers a much-needed alternative to high-cost credit providers.
The new facility from Citi marks a pivotal moment for Wagestream, strengthening its position as a frontrunner in the employee financial wellbeing space. The company plans to use the capital to rapidly expand Workplace Loans, helping more employees build financial resilience in an increasingly unpredictable economy.
Building a Fairer Financial Future for UK Employees
Launched in late 2024 via an early access rollout, Wagestream’s Workplace Loans have already reached thousands of borrowers. The loans are structured to support people who might otherwise struggle with traditional lending, with average representative APRs ranging between 13.9% and 16.9%. Through seamless payroll integration, repayments adjust to an employee’s income cycle—offering more control and less stress.
This latest funding round builds on strong support from impact-driven investors like Better Society Capital, Social Tech Trust, and Fair By Design. Venture backers include some of Europe’s most prominent names, such as Balderton Capital, Northzone, QED, Smash Capital, BlackRock, and the British Business Bank.
The Founders Behind the Mission
Wagestream was founded in 2018 by Peter Briffett and Portman Wills, who came together with a bold vision to reduce financial stress for frontline workers. Briffett brought years of leadership experience from tech ventures, while Wills, a serial entrepreneur, had already founded and sold companies like SocialCash and Sports Illustrated Play. Their shared commitment led to the creation of a platform that empowers employees to access earned wages, save automatically, and manage money without relying on predatory lenders.
Today, Wagestream supports more than three million people through partnerships with over 1,200 employers and 2,000 brands. The platform handles upwards of 10 million transactions every month—facilitating more than £2.5 billion in payments.
Scaling Up with a Purpose
According to co-founder Portman Wills, the feedback from early users has been overwhelmingly positive. “We’ve already seen how powerful it is when employees are given access to fair and flexible credit. This new facility will help us deliver that experience to many more people,” he said.
With the fresh injection of capital, Wagestream is doubling down on innovation. The company plans to develop new tools that support employees in making smarter financial decisions—from automated savings features to real-time budgeting insights.
Wagestream’s certified B Corp status reflects its commitment to offering ethical financial solutions. Unlike traditional institutions, it puts worker wellbeing at the heart of its model. This purpose-driven approach hasn’t gone unnoticed: the company earned a spot on The Times Tech100 and Sifted’s 100 Fastest Growing FinTechs of 2025.
As Wagestream continues to grow, its impact is clear. By rethinking how people access and interact with their earnings, the company is giving workers the financial tools they deserve—and helping them build stronger, more stable futures.
