Salary Finance partners with employers to offer financial wellness solutions, combining financial education with salary-linked benefits and low-cost loans that are repaid via payroll deduction. The company emphasizes a social mission to help Americans move from debt into savings and works with more than 600 employers. Salary Finance reports a U.S. mission to help 10 million Americans out of debt and into savings and cites internal survey data showing widespread employee financial stress and related health impacts. It targets historically underserved communities that lack emergency funds and struggle with monthly bills. The organization is a United Way Worldwide corporate partner and a member of industry groups such as the American FinTech Council, signaling institutional partnerships alongside its employer network. Salary Finance is an Employee Financial Wellness platform operating in both the US and UK that offers financial education, salary-linked loans, savings and advances. The company partners with over 150 employers, covering more than a million employees. It is led by co-founder and Global CEO Asesh Sarkar, with a recent leadership addition of SoFi co-founder Dan Macklin as CEO of Salary Finance Inc. The business uses employer payroll channels to deliver products and aims to expand its savings and loan offerings. Salary Finance intends to use new funding to develop and scale new products and services and to support growth plans in the UK and US. In the US specifically, it plans to build out its savings product offerings, partnerships and US team. Salary Finance provides a SaaS-based financial wellbeing platform that lets employers offer payroll-deducted savings deposits and loan repayments to help employees move from debt to savings. The platform integrates with existing payroll technology and processes without complicated integration. Recent employers on the platform include BT, CapGemini, Virgin Active, Mitie and many NHS trusts and Councils. Founded in 2015 and led by CEO Asesh Sarkar, the company is based in London, UK. Salary Finance has partnered with United Way to introduce the platform to corporate partners in the U.S. and is rolling out to its first 250,000 U.S. employees, including United Way and L&G America. The company intends to use new funding to launch and scale in the U.S. while continuing to support growth in the U.K. SalaryFinance is a London U.K.-based employee benefits company that builds technology to help employees improve financial health, consolidate debt and save. The company offers salary-deductible savings and low-interest loans alongside online financial education, budgeting tools and credit score checks. It is using the £40m funding to launch its Financial Wellbeing Hub, a suite of financial education, products and services, and to expand internationally. Its clients span most employment sectors in the U.K., including Dunelm, Timpsons, Worldpay, Ageas, Saga, Hays, Agilisys, E.ON and the London Borough of Hackney. In the last quarter SalaryFinance agreed launches with organizations employing over 600,000 staff, including the employees of Legal & General. The company is led by CEO Asesh Sarkar. SalaryFinance is a London-based financial employee benefit service that lets employers offer staff low-interest, fixed-rate loans to consolidate personal debts. Loan repayments are taken directly from employees' payroll rather than by direct debit, which the company says reduces cost and interest to around one third of the market average. The service is free to employers and the loan rate does not change based on an individual's income or credit score. The company plans to use the $6.1m funding for customer acquisition and to expand its operations team. FinTech venture builder Brightbridge Ventures made the investment. SalaryFinance was founded by Dan Cobley (former MD of Google UK), Asesh Sarkar and Daniel Shakhani.

Total raised

$262M

Funding rounds

5

Latest round

Equity

Latest activity

Mar 2021