Wagestream partners with fintech Blossom to offer employees a targeted 3% annual return
SYDNEY, 1 August 2022 /PRNewswire/ — Financial wellness fintech Wagestream has partnered with interest microsavings platform Blossom to offer employees a way to grow their savings by giving them access to the Blossom Fund, which aims for a 3 percent annual return on investments.
The 1 million global employees of Wagestream’s corporate clients will have the opportunity to access the Blossom Fund as a built-in savings option within the Wagestream app, with investment minimums to invest in the Blossom Fund. $1.
Blossom’s micro-investment platform provides access via the Blossom Fund to a professionally managed portfolio of investment-grade fixed income products with the aim of achieving higher returns.
Blossom Fund prioritizes ethical investments and excludes investments in coal, oil, gas and more, to serve 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 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 Global found that employers offering Wagestream’s financial wellness program were able to fill vacancies 27 percent faster and reduce attrition by 16 percent, further confirming the appeal of financial wellness programs for employees.
Managing Director of Wagestream Australia Josh Vernon so: “Wage flow is an important enabler of financial well-being, and saving is a critical step toward becoming more financially secure. Many young wage earners are facing creeping inflation and rising costs of basic living expenses. With interest rates still at historically low levels, and banks not effectively passes through interest rate increases to savers, it has never been more difficult to achieve returns with lower risk.
“Young people are now also bombarded with buy-now, pay-later offers that create further behavioral barriers to saving. The opportunity to grow savings faster through a Blossom account targeting a 3 per cent return per annum is exciting in this environment.”
Blossom co-founder Gaby Rosenberg so: “We share similar values as Wagestream, as well as a common goal to help improve our customers’ financial well-being. At the heart of financial well-being is the ability to cover an unexpected financial shock through your savings.
“We believe financial well-being is one of the biggest stress points for many young workers. Giving these workers access to a solution where they can create a savings target – and earn money from their savings – will help tackle this problem among young workers.”
Hungry Jack’s Chief People Officer Jenny McKie so: “These days, employees are looking for more than just a paycheck. They want benefits that make a real difference to their daily lives and make their lives easier in general. That’s why we’re partnering with Wagestream and excited to partner with Blossom.”
Wagestream recently closed a AUD$236 million Series C funding round, 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.
Payroll (www.wagestream.com/au/) is the financial wellbeing app founded by charities, designed for employees and built around pay, making work more inclusive, fair and rewarding for one million people – by giving them access to fair financial services built around their salary. Employees use Wagestream to choose their own pay cycle, manage budgeting, save for a rainy day, chat with a personal money coach and get fairer deals on financial products – all in one app, with no changes to pay.
Wagestream Australia is driven by a social charter: every service it provides must measurably improve financial well-being. Over 70% of people who use Wagestream feel more in control of their money, leading to a happier, healthier and more productive workforce.
Bloom helps Aussies save and invest their earnings, with a targeted annual return of 3% in the Blossom Fund. Blossom allows users to get started with $1 and has no registration or transfer fees. Blossom provides access to fixed income investments through the Blossom Fund, helping everyday Australians achieve higher returns. The Blossom Fund benefits from the services of Fortlake Asset Management Pty Limited, EY and JP Morgan. You can download the iOS or Android app or visit www.blossomapp.com to register.
Gleneagle Asset Management Limited (ABN 29 103 162 278 AFSL 226199) is the responsible entity of Blossom Fund (ARSN 645 889 998). You should consider the relevant product disclosure statement, together with the target market provision, available at (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 authorized representative No. 001284228 for Gleneagle Asset Management Limited.
SOURCE Lonnstrøm
