UK financial wellbeing app Wagestream has raised $175 million.

The Series C funding round consisted of $60 million in equity investment from Smash Capital and funds and accounts managed by BlackRock, as well as $115 million in debt financing from Silicon Valley Bank.

Founded in 2018 by Peter Briffett and Portman Wills, Wagestream allows frontline workers early access to their accrued wages.

The start-up said the new capital will be used to add new features to its app, as well as to fuel an expansion into the US market.

The vast majority - 80 per cent - of workers would use on-demand pay if given the option, according to a study from accountancy firm EY cited by Wagestream.

The news comes after the firm raised £20 million Series B funding round in July 2020.

“Financial exclusion and a rising cost of living have created severe financial stress for hard-working people around the world,” said Brad Twohig, managing partner at Smash Capital. “We’ve invested in Wagestream because its team has reimagined the world of work to solve that problem - making it more inclusive and rewarding for millions of people.”

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