SalaryFinance, a London U.K.-based innovative financial wellbeing employee benefits company, completed a £40m funding round.
The round (subject to Financial Conduct Authority approval) was led by FTSE 100 financial services firm Legal & General with founding investor Blenheim Chalcot also participating.
The company is using the funds to launch its Financial Wellbeing Hub, a suite of financial education, products and services, and expand internationally.
Led by Asesh Sarkar, CEO, SalaryFinance is an employee benefits business, specializing in technology to enable employees to improve their financial health, consolidate debt and start saving. The company’s clients now cover 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 has agreed launches with organizations employing over 600,000 staff, including the employees of Legal & General.
The Financial Wellbeing Hub enables customers to make a positive change in two ways:
– First, by allowing employees to understand their financial situation through unbiased online financial education content, budgeting tools and credit score checks;
– Second, by enabling people to take action to improve their finances through salary deductible savings and low interest loans.