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UK's Wagestream buys Earnd's Australian operations from Greensill

March 25, 2021

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Wagestream, a UK on-demand pay startup, has acquired the Australian operations of its rival Earnd from the administrators of collapsed specialty lender Greensill Capital.

The deal marks the start of the carveout of London-based Greensill, which launched bankruptcy proceedings earlier this month, and reportedly owes north of $1.3 billion to creditors including SoftBank.

Backed by SoftBank and General Atlantic, Greensill acquired Earnd in March 2020. Founded in 2018, Earnd is Australia's largest on-demand pay provider, allowing workers to access their pay as it is earned.

Wagestream was established the same year as Earnd. Last July, it raised £20 million in Series B funding led by Northzone Ventures.

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