Wagestream partners with Wakam

Wagestream, a London-based fintech startup offering early wage access for employees, is partnering with French insurer Wakam to introduce an income protection coverage.

As part of the partnership, employees will be able to set aside funds in the Wagestream app for the coverage based on their income levels. In the event of an illness or accident lasting beyond seven days, employees can receive up to 50% their salary for a maximum of 90 days.

Founded in 2018, Wagestream is offered as an employee benefit and it claims that over 3 million employees can access its solution. The startup raised $370 million across equity and debt financing.

“As part of our mission to bring better financial wellbeing to frontline workers, we’re thrilled to partner with Wakam – a trusted insurance provider now in 32 countries, with an ethical approach that helps us put worker wellbeing first. Too many people come under financial stress if they lose their income for even just a week, but with this partnership, we’ll be able to tackle the problem and give employers a valuable new addition to their financial wellbeing toolkit in the process.” – Rob Moore, director of Insurance at Wagestream.

“We are really proud of this partnership with Wagestream, which allows us to further consolidate our presence in the UK. As a mission-driven company, we see our own values reflected in Wagestream’s strong commitment to society. We are excited to be part of this journey.” – Olivier Jaillon, CEO & CPO of Wakam.