Fintech startup SalaryFinance has raised £40 million. The round, which is awaiting approval from the UK’s Financial Conduct Authority, was led by insurance firm Legal & General with participation from Blenheim Chalcot.
The UK-based SalaryFinance helps employees manage their finances, debt, and savings. According to the company, 17 million employees in the UK have less than £100 in savings. Employers, it said, use a solution like SalaryFinance to provide saving and financial services to its employees. Its clients includs Timpsons, Worldpay, Saga, and the London Borough of Hackney.
The new funds will be invested in the company’s newly launched Financial Wellbeing Hub product as well as in further internationalisation in 2018, namely in the US market first.
“This investment marks the completion of the first phase of our long-term plan, proving that finance can be delivered in a socially progressive way,” said Asesh Sarkar, CEO of SalaryFinance.
“This investment now gives us the ability to take our growth to the next level, allowing us to launch into new and exciting product areas, such as savings. Our market leading Financial Wellbeing Hub is just the first step.”