The American Fintech Council (AFC) has announced the inclusion of Wagestream as its newest member. Founded in 2018, Wagestream offers a financial benefits platform that includes Earned Wage Access (EWA), and is used by over 1,000 employers and 3 million employees.
Phil Goldfeder, Chief Executive Officer of AFC, praised Wagestream's efforts: “Wagestream has done a phenomenal job of scaling its financial wellbeing approach to span multiple different benefits for workers, and now to multiple different geographies.” He added that the company has shown credentials as a fintech with social impact embedded at its core.
Wagestream was founded with investments from leading social impact organizations. It provides various financial benefits such as interactive paychecks, savings tools, money coaching, and flexible pay through EWA. The platform reports that 74% of its users feel more in control of their finances.
Emily Trant, Chief Impact Officer at Wagestream, emphasized the importance of standards in the industry: “9 in 10 say their finances are stable or improved once they can choose their own pay cycle with EWA." She highlighted AFC's mission as crucial for ensuring protection for those served by these innovations.
EWA allows workers to access their wages when they choose. According to Gartner estimates, about 20% of frontline employers offer this benefit. Responsible EWA providers are seen as democratizing financial services and challenging outdated systems that have disadvantaged consumers.
AFC is committed to advocating best practices for EWA providers including transparency and consumer protections such as non-recourse terms and no-cost options for users. The organization aims to ensure these practices are standard across the industry.
About the American Fintech Council: The council promotes an innovative and inclusive financial system. More information can be found on www.fintechcouncil.org.
About Wagestream: Employers like Burger King use Wagestream’s platform to offer financial benefits via an app utilized by millions for budgeting and other services. Visit https://wagestream.com/en-us/ for more details.