First off, this isn’t our usual Series A investment. The vast majority of our investments from our venture fund Balderton are at Series A. However we can make the occasional investment a bit earlier or later than this (and we also have our later stage Liquidity Fund taking secondary stakes in Series C+ companies). For example our first investment in Revolut was in a £1.5M round.
We aren’t a prolific seed investor so on the rare occasions we do invest early we have to be super-excited by the founders and the idea. …
What I learned in fintech and insurtech in 2019. Opinionated and probably 50% wrong:
The average person is still struggling to make ends meet, ten years after the last recession. This has a few consequences:
Fifty billion pounds.
This is how much the UK workforce is lending to their employer by the 25th of each month, just before they get paid at month end*. And they are lending this money to their employer at zero interest.
Many of these employees are struggling to make ends meet towards payday and relying on expensive overdrafts or credit cards to do so. If they could only access the money they have already earned that month they would be able able to avoid these high interest rates and fees.
The principle of Wagestream is simple. …