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Stream aims to boost financial wellbeing with Salary Finance acquisition

The deal will combine Stream’s earnings tracking, budgeting, coaching, savings, flexible pay, pensions and loans with Salary Finance’s workplace finance services.

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Stream has agreed to acquire workplace financial wellbeing provider Salary Finance.

The deal will combine Stream’s earnings tracking, budgeting, coaching, savings, flexible pay, pensions and loans with Salary Finance’s workplace finance services.

The transaction is expected to complete in early 2027, subject to closing conditions and Financial Conduct Authority (FCA) approval.

The combined business will reach 5.5 million workers in the UK, alongside users in the US and Europe, and employ 375 people.

It plans to invest in products including individual savings accounts (ISAs), investments, insurance and payments.

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The deal is also expected to streamline payroll reconciliation and reduce the administrative work involved in providing financial benefits.

Peter Briffett (pictured, centre left) and Portman Wills (pictured, far right), co-founders of Stream, said: “We built Stream to give every worker access to fair financial tools. Since 2018, we have grown from a flexible pay product into a platform that reaches four million workers – helping people save, borrow, budget and plan, all through their employer. 

“The combination with Salary Finance is the next step on our journey as a UK fintech champion and truly global workplace finance platform. 

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“As a combined company, there will be significant opportunities to create more value for UK employers and their workers.

“We look forward to working with Asesh Sarkar, Daniel Shakhani, and their team to drive innovation, improve financial wellbeing and continue our journey towards sustainable, mission-led growth.”

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Asesh Sarkar (pictured, far left) and Daniel Shakhani (pictured, centre right), co-founders of Salary Finance, said: “Since starting Salary Finance in 2015, we have built a community of over 3.5 million employees through our partnerships with ~500 employers, and are now funding ~£350 million in responsible workplace finance every year. 

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“All of this is driven by a dedicated team we are hugely proud of. Joining forces with Stream brings together two sets of complementary capabilities, sharing the same mission – improving the financial lives of millions of working people. 

“Coming together gives us an opportunity to deliver further and faster towards our combined mission, which has now become a national priority as part of the Government’s Financial Inclusion Strategy, and provide a broader and better suite of products to our customers.”

Sarkar will join Stream as UK president and remain a shareholder in the combined business alongside L&G and other Salary Finance shareholders.

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