The London based employee benefits platform has raised $20m in Series B financing, led by Blenheim Chalcot.
Commenting on the US expansion, Asesh Sarkar, chief executive of Salary Finance, said: “We are delighted to build on our success in the UK with our U.S. launch. We see the same societal challenges in the U.S., with 40%[3] of American employees lacking any real savings, and carrying personal debt, particularly high-interest debt like credit cards and payday loans. This becomes a never-ending way of life for many, impacting their engagement and productivity at work.”
Salary Finance, a FinTech financial wellbeing platform for employees, has raised a $20m Series B investment led by founding investor Blenheim Chalcot and multinational financial services company Legal & General. The money will be used to launch and scale the company in the US as well as to continue to support its growth in the UK. Salary Finance partners with employers to offer a benefit that helps employees move from debt to savings. All savings deposits and loan repayments are taken by salary deduction and Salary Finance’s SaaS-based platform works with existing payroll technology and processes. To date, the company claims to have helped employees save on average £600 in interest and pay off debts six to 12 months sooner.
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