🏆 Deal of the Week · CW 15/2022
Wagestream raised USD 175 million in a Series C round, announced in April 2022; the company's valuation was not disclosed. The round drew participation from a broad syndicate of ten investors, with no single lead investor publicly named. The capital was earmarked to expand Wagestream's financial wellbeing platform to an estimated 30 million frontline workers in the United States.
Wagestream — key deal facts
| Company | Wagestream |
| Founded | 2018 |
| Headquarters | London, United Kingdom |
| Amount raised | USD 175M |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | Balderton Capital (https://www.balderton.com) BlackRock (https://www.blackrock.com/corporate/global-directory) Fair By Design Fund (https://fairbydesign.com/fair-by-design-fund/) LocalGlobe (https://localglobe.vc) Northzone (https://northzone.com) QED Investors (https://www.qedinvestors.com) Silicon Valley Bank (https://www.svb.com) Smash Capital (https://smashcap.com) Village Global (https://www.villageglobal.vc) XYZ Venture Capital (https://www.xyz.vc) |
| Sectors | FinTech |
Who invested in Wagestream?
The Series C was backed by Balderton Capital, BlackRock, Fair By Design Fund, LocalGlobe, Northzone, QED Investors, Silicon Valley Bank, Smash Capital, Village Global, and XYZ Venture Capital. The investor mix is notable for combining specialist fintech venture funds such as QED Investors and Northzone with an institutional asset manager of the scale of BlackRock, and an impact-focused vehicle in Fair By Design Fund. That breadth of capital sources signals institutional confidence in both the commercial model and the social-impact thesis underpinning earned wage access.
What does Wagestream do?
Wagestream, now rebranded as Stream, is a London-headquartered FinTech company founded in 2018 by Peter Briffett and Portman Wills. The company operates a workplace finance platform built around earned wage access, enabling employees to draw down accrued wages before their scheduled pay date. Beyond wage streaming, the platform provides budgeting tools, savings features, financial coaching, and bill-saving services through a mobile app. As of the time of the Series C, the platform served more than 3 million employees across over 1,000 employer clients.
Wagestream valuation & multiples
No existing multiples analysis was provided for this deal; accordingly, no EV/Sales or EV/EBITDA figures can be stated. Because valuation was not disclosed, a reliable multiple cannot be derived from the available verified data. Readers seeking sector context can consult the relevant FinTech multiples pages on DealMatrix for current EV/Sales and EV/EBITDA benchmarks.
Explore the benchmarks: Series C.
Frequently asked questions
How much did Wagestream raise in its Series C?
Wagestream raised USD 175 million in its Series C round, announced in April 2022.
What is Wagestream's valuation?
Wagestream's valuation was not disclosed in connection with the Series C round.
Who invested in Wagestream?
The Series C investors include Balderton Capital, BlackRock, Fair By Design Fund, LocalGlobe, Northzone, QED Investors, Silicon Valley Bank, Smash Capital, Village Global, and XYZ Venture Capital.
When was Wagestream founded and where is it based?
Wagestream was founded in 2018 and is headquartered in London, United Kingdom.
Source: original announcement — read the full report.