Fintech
Wagestream partners with fintech Blossom to offer employees targeted 3% p.a. returns
Financial wellbeing fintech Wagestream has partnered with fixed income micro-savings platform Blossom to offer employees a way to grow their savings by giving them access to the Blossom Fund which targets 3 percent per annum return on investments.
The 1 million global employees of Wagestream’s business customers will have the opportunity to gain access to the Blossom Fund as an embedded savings option within the Wagestream app, with the investment minimum to invest in the Blossom Fund being $1.
Blossom’s micro-investing platform offers access via the Blossom Fund to a professionally managed portfolio of investment grade fixed income products aiming to earn higher returns.
The Blossom Fund prioritises ethical investments and excludes investments in coal, oil, gas and more, to service the growing trend towards investments that do no harm and create good in the world.
The Wagestream platform allows workers to track their earnings in real-time and instantly access their earned wages, and boasts well-known Australian brands as clients including Hungry Jack’s, Accor, JD Sports, BPay, Freedom, and Pizza Hut.
Research conducted by Wagestream globally found employers who offer Wagestream’s financial wellbeing program were able to fill job vacancies 27 percent faster and reduce attrition by 16 percent, further validating the attraction of financial wellbeing programs to employees.
Wagestream Australia CEO Josh Vernon said: “Wagestream is an important enabler of financial wellbeing, and saving is a critical step towards being more financially secure. Many young wage earners face creeping inflation and rising costs of basic living expenses. With interest rates still at historic lows, and banks not efficiently passing on interest rate rises to savers, achieving lower-risk returns has never been harder.
“Young people are also now bombarded with buy now, pay later offers which create additional behaviour barriers to saving. The ability to grow savings faster through a Blossom account that targets a 3 percent per annum return is exciting in this environment.”
Blossom co-founder Gaby Rosenberg said: “We share similar values as Wagestream, as well as a common goal of helping to improve our customers’ financial wellbeing. The core to financial wellbeing is the ability to cover an unexpected financial shock through your savings.
“We believe financial wellbeing is one of the biggest stress points for many young employees. Giving these employees access to a solution where they can create a savings goal – and earn a return on their savings – will help to tackle this problem among young workers.”
Hungry Jack’s Chief People Officer Jenny McKie said: “These days, employees are looking for more than just a pay cheque. They want benefits that make a real difference to their daily lives and make their lives easier in general. That’s why we work with Wagestream and are excited about the partnership with Blossom.”
Wagestream recently closed a AU$236 million Series C funding round, which is believed to be the largest ever raised for a social impact fintech company.
Wagestream Australia and Blossom describe themselves as mission-led fintechs determined to improve financial wellbeing by giving young people access to fair financial services.
In line with the expectations of millennials and gen z, Wagestream Australia and BlossomApp also have a broader social focus: for every Blossom account opened, a tree is planted in a bushfire affected region of Australia.
To date more than 1,800 trees have been planted.
Wagestream (www.wagestream.com/au/) is the financial wellbeing app founded by charities, designed for employees and built around pay and makes work more inclusive, fair and rewarding for one million people – by giving them access to fair financial services built around their pay. Workers use Wagestream to choose their own pay cycle, manage their budgeting, save for a rainy day, chat to a personal money coach, and get fairer deals on financial products – all in one app, with no change to payroll.
Wagestream Australia is driven by a social charter: every service it provides must measurably improve financial wellbeing. Over 70% of people using Wagestream feel more in control of their money, leading to a happier, healthier, more productive workforce.
Blossom helps Aussies save and invest their income, with targeted annual returns of 3% in the Blossom Fund. Blossom allows users to get started with $1 and has no sign up or transfer fees. Blossom provides access to fixed income investments through the Blossom Fund, helping everyday Aussies target higher returns. The Blossom Fund benefits from the services of Fortlake Asset Management Pty Limited, E.Y. and J.P. Morgan. You can download its iOS or Android app or visit www.blossomapp.com to sign up.
Gleneagle Asset Management Limited (ABN 29 103 162 278 AFSL 226199) is the Responsible Entity of the Blossom Fund (ARSN 645 889 998). You should consider the relevant Product Disclosure Statement, along with the Target Market Determination, available on (www.blossomapp.com). Your savings are not held in a bank account deposit and are subject to investment risk. BlossomApp Pty Ltd (ABN 29 103 162 278) is Corporate authorised Representative No. 001284228 of Gleneagle Asset Management Limited.
SOURCE Wagestream
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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