London fintech startup Wagestream helps employees access their salaries earlier in the month to cover expenses and avoid drawing expensive payday loans.
The company has onboarded 50,000 furloughed workers since the start of the coronavirus. Employers calculate a weekly furloughed amount for employees and send that data to Wagestream on the same day each week. "We've pivoted to support frontline workers," Wagestream CEO and cofounder Peter Briffett told Business Insider in an interview. "Historically, NHS workers are among the biggest users of payday loans and we want people to avoid getting into debt, the last thing medical staff need now is financial stress."
Even with hospitality in the throes of a complete collapse in demand due to coronavirus, Briffett is confident that Wagestream will continue to be popular.
How else can we protect ourselves and those around us to decrease the scope of this virus? One simple tip is to add a layer of protection to your eyes by wearing glasses. “If you happen to be a contact lens wearer, this would be a really good time to give your eyes a rest.