Evaluating only MyWage’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
MyWage incorporated in London targeting UK hourly workers with earned wage access.
PRODUCT LAUNCH
Launched employer partnership program; signed fewer than 10 UK employers in first year.
FUNDING
Series A raise failed twice in 2020; company relied on £1.2M seed runway amid COVID disruption.
SHUTDOWN
Filed dissolution at Companies House in late 2021 after exhausting seed capital.
Full Analysis
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Documented cause
London-based MyWage launched an earned wage access platform targeting UK retail and hospitality workers in 2018. The startup failed to differentiate from well-funded rivals Wagestream and Hastee. Unable to raise a Series A after multiple failed attempts in 2020-2021, founders reported in Companies House filings that the company exhausted £1.2M in seed funding. Wagestream's dominant employer relationships left MyWage unable to sign sufficient anchor clients, and it dissolved in late 2021.
Lesson
“In winner-take-most B2B markets, underfunded clones rarely survive to Series A.”