Bill Gates and Jeff Bezos among backers of £4.5m Wagestream start-up fund

The founders of Amazon and Microsoft have backed a London start-up that allows workers to access their wages before payday.

“Get-paid-as-you-go” platform Wagestream has received £4.5m of funding from supporters including technology billionaires Jeff Bezos and Bill Gates.

Wagestream, which aims to end the “payday poverty cycle”, allows employees to access money that has already been earned for a fee of £1.75 instead of waiting for a fixed monthly payday, and has been launched the week after the collapse of payday lender Wonga.

Co-founder and chief executive Peter Briffett said: “As we mark the death of one of the payday loan giants, we’re pleased to finally present a viable solution to help give the UK’s workforce the financial freedom they deserve.

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