Wagestream, a UK-based FinTech firm specialising in financial wellbeing solutions for employees, has secured a £300m debt financing facility from global banking giant Citi.
The financing will support the expansion of Wagestream’s Workplace Loans product, which was launched in late 2024 through an early access programme. The product has already been adopted by thousands of users, and the funding will allow the company to scale it further across its UK membership base.
Wagestream offers financial tools aimed at improving employee wellbeing by helping them manage their pay, budget in real time, and access coaching and savings support. The firm’s Workplace Loans are uniquely structured to align with varying income schedules rather than traditional monthly cycles, with repayments made directly via payroll deductions. The loans are also designed to be transparent, with no hidden fees, and carry interest rates starting as low as 5.9% APR. The average representative APR is expected to range between 13.9% and 16.9%.
With the new facility, Wagestream plans to invest further in its Workplace Loans offering, making it more widely accessible to UK employees. The firm also aims to continue innovating within its platform to ensure users can build long-term financial resilience.
Currently, Wagestream’s services are available to over three million employees through more than 2,000 organisations. The platform processes over 10 million transactions each month and facilitates more than £2.5bn in payments.
Wagestream co-founder Portman Wills said, “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.”
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