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.