By Aisling Finn on Wednesday 24 March 2021
All of Earnd’s employees will join Wagestream’s now-expanded Australian team.
Wagestream, an online wage-tracking service for employers and employees, has acquired Australian operations fintech Earnd.
As part of the deal, which was completed for an undisclosed amount, Earnd’s leadership, product, customer and local market teams will become part of Wagestream’s Australian operations.
All 14 of Earnd’s employees, including founders Josh Vernon and Serge Kotlyarov, will be added to Wagestream’s expanded Sydney office.
Of the acquisition, Vernon said: “Financial stress is an issue that impacts the majority of the working population. We set out to tackle that, using innovative technology to help workers improve their financial wellbeing, with tools like on-demand pay to give them more control.”
“Our priority now will be ensuring there’s a smooth integration between both teams, so that our clients - and their employees - in Australia continue seeing the huge benefits of better financial wellbeing.”
Founded in 2018, Earnd quickly became Australia’s largest on-demand pay provider or Earned Wage Access (EWA), a benefit offered by employers allowing workers to access their money as it’s earned without having to wait until payday.
Peter Briffett, founder and CEO of Wagestream, added: “Josh and his team have built an innovative, technically impressive, fast-growing business in Australia - but most importantly, one with the same mission and organisational values as Wagestream.”
“We’re excited to be part of this new chapter for Earnd and to begin working together on that shared mission. We’re confident the Earnd team’s product, client and local market expertise will not only accelerate our growth in Australia but also support our journey in scaling up to support the financial health of even more workers across the globe.”
Wagestream closed a £20m Series B last year and is now helping over 500,000 workers improve their financial wellbeing.
As well as growing its team in Australia thanks to its latest acquisition, Wagestream has also established teams in the UK, Spain and the US.