Wagestream, which provides flexible payroll solutions for Roadchef, Stonegate and Wagamama, has raised $51m (£40.1m) in series A funding.
Investment in the fin-tech start-up was led by Northzone and Balderton Capital.
Wagestream chief executive Peter Briffet told MCA earlier this month: “We allow any workers, whether salaried or hourly paid, to have access to their earnings in real time, with the premise that if you can access the money you don’t have to go into overdraft, a credit card debt, or payday loan.
“We were set up with a social impact purpose – asking how we can reduce in work poverty, especially with low income workers.”
Jeppe Zink, investor at Northzone, said: “Wagestream fits perfectly with our belief that financial wellness is a huge market opportunity. Our thesis, and the data shows it, is that Wagestream is not just a product to bridge a payday gap, but a platform to encourage broader financial wellness.
“It starts with giving employees access to earned salary when they need it, not having to wait until the end of the month. But it goes way beyond that. By connecting directly to the current account, expense patterns and affordability is automatically recorded over time and thus able to provide the individual valuable input to how best handle their finances, from spending to saving and investing.”