Wagestream grabs £300M from Citi to reward UK workers with fairer financial wellbeing

Wagestream, the financial wellbeing platform, has secured a £300M debt financing facility fromCiti. This substantial backing will enable the company to expand its Workplace Loans product across the UK. The loans, designed with flexible repayment options, aim to provide employees with fair and accessible credit alternatives.
Citi’s £300M facility marks a significant milestone in Wagestream’s growth. This funding will support the expansion of Workplace Loans and enable more employees to benefit from fair financial services. The company’s commitment to financial wellbeing has attracted investments from impact-focused organisations like Better Society Capital, Social Tech Trust, and Fair By Design and venture investors including Balderton Capital, Northzone, QED, Smash Capital, BlackRock, and British Business Bank.
Wagestream’s Workplace Loans launched in late 2024 through an early access program. The platform has already helped thousands of borrowers.
For many UK workers, unexpected expenses can disrupt financial stability. Wagestream’s Workplace Loans, repaid through payroll deductions, offer a solution tailored to varied income frequencies. With rates starting at 5.9% APR and an expected average representative APR of 13.9%-16.9%, these loans are structured to help employees build financial resilience.
Wagestream was co-founded in 2018 by Peter Briffett and Portman Wills. Briffett, the CEO, brought experience from his previous technology and business leadership roles. Wills, the CTO, is a serial entrepreneur with a history of founding and exiting multiple tech ventures, including SocialCash and Sports Illustrated Play. Their combined expertise laid the foundation for Wagestream’s mission to improve employees’ financial well-being.
Moreover, Wagestream was inspired by a shared vision to combat financial stress among frontline workers. The platform addresses common financial challenges workers face by offering tools that allow employees to access earnings, track spending, and save effectively.
Wagestream’s platform currently serves over three million people across the UK, Europe, and the US. It achieves this through 1,200 employers and partnerships with more than 2,000 brands.Additionally, the company processes over 10 million monthly transactions and £2.5B in payments, which has established Wagestream as a leader in the financial well-being sector.
Portman Wills, Wagestream co-founder,, comments: “In just a short period, we’ve seen significant uptake and positive feedback from our members benefiting from fair, accessible credit. 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.”
With new funding, Wagestream plans to enhance its product offerings and reach a broader audience. Additionally, the company aims to invest in tools that empower employees to manage their finances effectively. By focusing on user-friendly solutions and transparent terms, Wagestream differentiates itself from traditional financial institutions.
Moreover, as a certified B Corporation, Wagestream upholds a social charter that provides fair financial services. The company’s recognition in The Times Tech100 and Sifted 100 FinTech Fastest Growing Startups for 2025 underscores its impact and commitment to innovation.
Furthermore, Wagestream’s approach to financial wellbeing sets it apart in a competitive landscape. By prioritising employee needs and offering accessible financial tools, the company continues to redefine how workers interact with their earnings.