The app allows staff to collect a percentage of their wages any day of the month for a flat fee
Spotted: London-based Wagestream has built an app that allows staff to collect a percentage of their wages on any day of the month. It costs a flat fee of £1.75 with no loans or interest.
By not making UK workers wait until the end of the month to get paid, the company is aiming to end payday poverty and save people from dealing with payday and other high-cost lenders.
“The antiquated monthly pay cycle inflicts huge financial damage on household finances and its days are numbered. Too many people are pushed into a corner by in-work poverty and forced into the hands of payday lenders and high-cost credit.” said Peter Briffett, CEO and Co-Founder of Wagestream.
Wagestream claims that users are reporting greater financial security, which in turn engenders loyalty. According to the service, research shows that shift workers choose to work 22 percent more hours on average once enrolled in Wagestream. The company recently raised €46 million in its Series A round.