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Stream: Revolutionizing Workplace Finance

Introduction

In a groundbreaking move that aims to reshape workplace finance, Wagestream has officially rebranded to Stream. This change comes as the company expands its vision beyond Earned Wage Access to become a multi-product financial services platform. With a mission to empower over three million workers globally, Stream is committed to making financial tools accessible and fair for everyone.

The Origin and Evolution of Stream

Founded in 2018 by Peter Briffett and Portman Wills, Stream started with the objective of eliminating the poverty premium— the extra costs faced by low-income workers. Initially focusing on Earned Wage Access, the platform has evolved to encompass a variety of services that enable employees to manage, save, and invest their earnings effectively. The rebranding signifies a strategic pivot towards creating a comprehensive suite of financial products tailored for everyday workers.

The New Stream Initiative

As Stream gears up for future growth, its aspirations extend towards reaching over ten million workers by 2028. The company aims to be a catalyst for positive change in the employee-employer dynamic by partnering with top employers and embedding valuable financial solutions within workplaces. Peter Briffett, co-founder of Stream, expressed, “Our new name reflects our focus on helping people from all backgrounds see where money is coming from and manage where it’s going.” This sentiment underscores the company's commitment to democratizing finance for all workers, ensuring that crucial tools are not just reserved for wealthy individuals.

Tools and Services Offered by Stream

Stream has unveiled a diverse array of financial products and tools, designed to provide workers with greater visibility, flexibility, and control over their finances. These include:

• - Pay: Access earned salaries prior to payday.
• - Track: Plan and forecast spending, being one of the most utilized features with an impressive 34 interactions per month.
• - Save: Save directly from wages at a competitive interest rate of 5.13% APY.
• - Budget: Gain real-time insights into spending habits.
• - Rewards: Unlock savings on daily essentials.
• - Coach: Benefit from personalized financial education and virtual coaching sessions.
• - Claim: Discover unclaimed benefits.
• - Tax: Adjust contributions on a month-to-month basis.
• - Score: Access detailed credit reports with actionable advice for improvement.
• - Achievements: Build sustainable financial habits with incentives for reaching goals.

Impact and Collaborations

Stream has forged partnerships with over 2,000 brands, including notable names like Burger King, Hilton, and New Balance, to provide financial benefits to their teams. Furthermore, collaborations with leading HR tech firms like ADP and Workday ensure that financial services are seamlessly integrated into the employee experience.

The impact is significant, with workers reportedly saving over $200 million by adopting these tools. This notion of workplace finance establishes a new category in personal finance services that is more inclusive and accessible than traditional banking solutions.

Commitment to Financial Innovation

Stream's commitment to financial innovation is further reflected through its strong investor backing, which includes major financial and social impact firms such as BlackRock and Northzone. This solid foundation enables Stream to remain at the forefront of shaping financial services that prioritize fairness and accessibility for the working class.

Conclusion

With its rebranding and expansion, Stream is pioneering a transformative shift in the realm of workplace finance. By focusing on delivering fair financial tools to everyday workers, the company is not just improving financial literacy but also enhancing the overall financial health of the workforce globally. As more employers recognize the benefit of facilitating access to financial tools, Stream stands poised to redefine what workplace finance looks like in the years to come.

For more information on the rebranding and future initiatives from the founders, visit here.