Wagestream, a UK-based financial wellbeing tools provider, has announced its acquisition of pensions technology company Zippen, in a move to enhance its workplace financial services offerings.
The financial terms of the deal were not revealed.
The acquisition is said to be part of Wagestream’s ongoing effort to improve employee financial wellbeing and further establish employers as key providers of financial services.
Zippen specialises in defined contribution pensions and is expected to bring valuable expertise to Wagestream. Established in 2017, the company is based in St Albans, England.
The company helps individuals locate missing pensions and consolidate them into existing pots with the intention to facilitate efficient management of pension funds. Its service is designed to simplify the pension consolidation process for users.
According to Wagestream, the acquisition comes at a time when an estimated £31.1bn in pension assets remain unclaimed across the UK.
Research by Wagestream indicates that low and middle-income workers are disproportionately affected, with these groups holding double the number of unclaimed pension pots compared to the average UK worker.
The transaction reflects a broader shift in how financial services are being delivered, moving beyond traditional banking institutions into the workplace environment. Employers today are expanding their financial service offerings from basic debt counselling and hardship funds to comprehensive salary-linked services, high interest savings accounts, affordable loans, and flexible pay options.
Wagestream CEO and co-founder Peter Briffett said: “We are in the midst of an evolution in the way financial support is provided to workers. Thousands of employers are realising that holistic financial wellbeing – from today’s pay to long-term planning – isn’t just a perk, but a driver of engagement, loyalty and productivity.
“With Zippen joining the Wagestream Group, we are strengthening our expertise and furthering our mission to help people take control of their financial lives.”
As part of this acquisition, Zippen’s co-founders Stuart Feast and Ellie Tembras will be absorbed into Wagestream. With the evolving nature of pensions in the UK, Wagestream aims to address long-term financial challenges faced by employees using its payroll integrations, employer relationships, and proprietary data.
Feast said: “We are so excited to be joining the Wagestream team. We have spent the last eight years building deep knowledge of the pensions ecosystem and we look forward to sharing that with a mission-led business that already reaches millions of workers globally.”
