Income streaming provider, Wagestream, which enables employees to access their earned wages in real time, today announced it has completed a £20m Series B funding round.
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“Many of the low paid who have kept the country running during the Covid-19 crisis, including key workers, are most vulnerable to the economic shock to come. ”
This latest investment — which takes the total raised to £65m — will be used to consolidate the company’s dominant market share in the UK and to fund its international expansion.
Early-stage venture capital specialist Northzone is leading the funding round with participation from QED Investors, Latitude Ventures and Balderton Capital.
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Since 1996, Northzone has raised more than £1.4bn and made over 150 investments in companies including Spotify, Zopa and Trustpilot. QED Investors is a leading venture firm specialising in disruptive fintech companies. QED has backed companies including Clearscore, Fidel, Capitalise, Restless, and Zopa.
Latitude Ventures, the Series B+ growth sister fund to LocalGlobe, is known for investments in Transferwise, Zoopla, Monzo, Citymapper and SecretEscapes. It was launched in 2018 by LoveFilm co-founder Saul Klein, Robin Klein and Julian Rowe.
Tech investor Balderton has raised more than £3bn over 20 years and has backed start-ups including Revolut and Nutmeg.
Wagestream’s earlier stage investors include The Joseph Rowntree Foundation through the Fair By Design Fund, QED Investors, the London Co-investment Fund (LCIF) and Village Global — a global VC backed by leading entrepreneurs including Bill Gates and Jeff Bezos.