London-based fintech group Wagestream has secured a £300m debt facility, bolstering its coffers as it pushes ahead with an expansion into loans.
Founded in 2018, Wagestream is primarily known for its service allowing staff at participating businesses to access earned wages ahead of payday.
The fintech has been building out its product offering, which now includes budgeting, financial coaching and savings services.
In late 2024, the company launched a workplace loans product through an early access programme, offering low-interest credit to its users that are repaid through payroll deductions.
Having already provided thousands of loans, the company says it is ready to push forward with its wider UK rollout, backed by debt financing from American banking group Citi.
“In just a short period, we have seen significant uptake and positive feedback from our members benefiting from fair, accessible credit,” said Wagestream co-founder Portman Wills.
“This credit facility will allow us to scale our offering dramatically, reaching more employees, with an alternative to the high interest loans offered by traditional financial institutions.”
Wagestream previously raised £135m in a joint equity and debt fundraise in April 2022 that included investment from Balderton Capital, Northzone, BlackRock, FBD and Smash Capital as well as a credit facility from HSBC Innovation Banking.
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