Wagestream has announced the securing of a $396 million debt financing facility from Citi to support the growth of its Workplace Loans product in the UK. Initially launched in late 2024 under an early access program, the loan offering has already assisted thousands of individuals. With the new facility in place, Wagestream plans to extend access to a broader group of its UK members and further invest in product development. The Workplace Loans are designed to align with variable income patterns and are repaid through payroll deductions, with interest rates starting at 5.9% APR and an average representative APR expected between 13.9% and 16.9%.
The loans aim to provide a transparent, lower-cost alternative to traditional high-interest credit options. According to Portman Wills, Co-Founder of Wagestream, “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.” Wagestream offers its financial wellbeing platform to over three million people through partnerships with more than 2,000 employers, supporting a range of services including real-time pay tracking, budgeting tools, and savings features.
