Salary Finance, a London, UK-based fintech financial wellbeing platform for employees, secured $20m in Series B funding.
The round was led by Blenheim Chalcot and Legal & General.
The company intends to use the funds to launch and scale Salary Finance in the U.S., as well as to continue to support its growth in the UK.
Founded in 2015 and led by Asesh Sarkar, CEO, Salary Finance provides a SaaS-based platform that allows employers to offer a benefit that allows employees to move from debt to savings. All savings deposits and loan repayments are taken by salary deduction, which creates a way for employees to manage their personal finances.
The company’s platform works with existing payroll technology and processes without the need for complicated integration.
Recent employers to join the platform include BT, CapGemini, Virgin Active, Mitie and many NHS trusts and Councils.
To reach rapid scale in the United States, Salary Finance has partnered with United Way, a non-profit focused on health, education and financial stability, which is introducing the platform to its corporate partners as an added employee benefit. Salary Finance is currently in the process of rolling out to its first 250,000 employees in the U.S., including the employees of United Way and L&G America. In total, United Way reaches 60,000 corporate partners, including half of the Fortune 500.
FinSMEs
28/08/2018