UK-based salary-on-tap firm Wagestream has acquired Australian counterpart Earnd from administrators of the collapsed Greensill business empire.
Earnd, a Sydney startup that allows employees to draw down their salary in installments, was acquired by Greensill in March last year.
Greensill, which secured hundreds of millions of dollars in backing from SoftBank Vision Fund, built up its business by letting suppliers get early payments from clients in return for a small discount on the price. However the company was forced into administration earlier this month after insurers refused to renew contracts covering its loans.
Established less than two years ago by entrepreneurs Josh Vernon and Serge Kotlyarov, Earnd now has 20 business customers with its services used by over 10,000 employees.
For Wagestream, the acquisition of Earnd provides a ready-made operation for its already preliminary entry into the Australian market. Earnd's nascent UK operations, which currently provides services to thousands of employees across five NHS Trusts, were not included in the sale.
The price paid by Wagestream for the business has not been disclosed.