Aslan empowers employees with $5M Seed investment for flexible pay

Employee fintech Aslan has raised $5 million Seed funding. The UK company helps employees’ pay go further with Aslan reward cards, offering tax-efficient cashback on all spend, even on holidays.

Aslan users are also empowered to choose when and how to get paid, within limits set by clients. This provides employees with responsible control over their own finances, enabling tangible monthly budgeting.

Employee compensation is the single largest expense for most businesses, costing employers £1 trillion in the UK alone. Pay is notoriously hard for companies to get right, and it remains employees’ no.1 focus. 

To date, fixed payroll dates have been a fact of life. This month, many employees will be paid a full 6 weeks after they were last paid in December.

With Aslan, employees can avoid using overdrafts and credit cards and save the 25-40 per cent interest they charge. Aslan makes them money with cashback rewards instead.

Since launching in April last year, Aslan has onboarded clients in a wide range of industries, from financial services to luxury goods.

Both the rewards and the flexible pay features have proved popular with employees across all salary levels, with the average salary of an Aslan user close to £50k a year, and a significant proportion earning over £100k. 

According to James Gozney, Founder and CEO of Aslan:

“We are just getting started; Aslan will fundamentally change the way that we all get paid, and how companies reward their people.”

Notion Capital led the funding alongside Redstone, and an impressive roster of angels. Stephen Chandler, Notion’s Managing Partner, will join the Board.

Stephen Chandler, Managing Partner at Notion Capital, said: 

“Aslan is bringing a significant innovation to market, in enabling flexible pay and rewards for salaried employees. It provides game-changing benefits for both employers and their staff, and we are excited about its next stage of growth.”

This funding will enable Aslan to launch a suite of budgeting, financial education and rewards features designed to enhance user experience, and drive even higher employee engagement and expand its team to support further growth. 

Lead image: Aslan. Photo: uncredited.