Wagestream to boost financial resilience for UK-based Moto
By Megha Bhattacharya
Moto Hospitality, a UK-based motorway services operator, has partnered with charity-backed FinTech Wagestream in a bid to develop a range of services for boosting financial resilience including Earned Wage Access (EWA).
Ken McMeikan, Chief Executive of Moto Hospitality, said, “We’re incredibly proud of the relentless efforts of our team, over the past year, and are constantly looking for ways to support their development and wellbeing. We know that financial stress has increasingly become a challenge for workers during the pandemic, and see financial wellbeing as a key new area for us to support them on.
“That’s why we’ve chosen to roll out Wagestream’s pioneering app. Giving our colleagues the ability to track, access, save and manage money more easily, just made sense: if we can help reduce financial stress and give them greater financial freedom, everyone wins.”
According to Wagestream, the team will have access to the FinTech’s app and benefit from EWA (Earned Wage Access) — helping them deal with unexpected expenses and prevent financial stress, by accessing a percentage of their earned wages any day of the month for a flat £1.75 fee. There are no loans involved and no interest is charged; EWA, when offered as part of a carefully monitored financial wellbeing programme, is proven by data to reduce financial stress and reliance on predatory forms of credit.
Peter Briffett, CEO and Co-Founder of Wagestream, said, “At Wagestream, we’re on a mission to improve the financial health of every worker. We can’t do that without the support of employers like Moto, whose 4,500 team members have worked day and night to keep our roads open during the pandemic.”
“If all leaders were as forward-thinking as Ken and his team, and every business as passionate about helping its workforce with financial wellbeing as Moto, the impact on society would be profound. The data now shows that the ability to track, access, save and manage wages as part of a financial wellbeing programme is incredibly powerful, and we look forward to seeing the Moto team benefit from it.”
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