Kashable, a NYC-based fintech platform that provides socially responsible credit and financial wellness solutions as an employer-sponsored voluntary benefit, raised $25.6m in Series B funding.
The round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures. David Golden, Managing Partner at Revolution Ventures, and Meirav Har Noy, Managing Partner and Co-Founder at Moneta Ventures, will be joining Kashable’s board of directors.
The company intends to use the funds to accelerate expansion, develop additional financial wellness services, bolster its ability to extend affordable credit to employees across the credit spectrum, grow its research and development technology team.
Founded in 2013 by Einat Steklov, and Rishi Kumar, Kashable is a financial technology company that provides Socially Responsible Credit™ and financial wellness solutions for employees offered as an employer-sponsored voluntary benefit. The company deploys technology to improve the financial well-being of working America with a commitment to both reliability and affordability.
Nearly half of Kashable’s customers use the loans to pay down existing debt with a historically lower APR and an average loan size of $3,500-$4,000. The platform integrates with employer Human Resource Information System (HRIS) and payroll systems — enabling immediate access to affordable loans that are automatically repaid through payroll deductions. Since its founding in 2013, the company has extended access to low-cost credit to hundreds of thousands of individuals through 250+ employers such as Cigna, Reid Health, Huntington Ingalls, Alight Solutions, and more.
FinSMEs
18/01/2024