The largest-ever ‘FinTech-for-Good’ fundraise 💸; Microsoft & Finastra’s BaaS Partnership signifies what the future of Lending is 🏦; Entertainment as a powerful drug for crypto mainstreamification 💊

Good Morning FinTech, 14 April

Good day Everyone,

And happy Thursday! We’re almost done with the week… but don’t relax just yet as today’s issue is the best one this week so far. In addition to 3 great FinTech stories, there’s lots of fundraising news and things worth knowing, so let’s just jump straight into the good stuff:

The largest-ever ‘FinTech-for-Good’ fundraise 💸

The money 💸 Financial wellbeing app, Wagestream, has closed a $175M series C funding round, as it prepares to bolster support for underserved, frontline workers beyond the UK.

This is the largest ever ‘FinTech-for-good’ fundraise. The round is comprised of a $115N combined venture debt and funding facility from Silicon Valley Bank, a $60M equity investment led by a US-based investment firm, Smash Capital, and funds and accounts managed by BlackRock.

The USP 🥊 Founded in 2018, Wagestream’s services currently include financial education, financial coaching, budgeting tools, and flexible pay - otherwise known as ‘earned wage access’.

Wagestream is among FinTechs that are making a social and real impact on people. Here’s the takeaway: