SalaryFinance, a London, UK-based financial employee benefit service, raised $6.1m in funding.
FinTech venture builder Brightbridge Ventures made the investment.
The company intends to use the funds for customer acquisition and expansion of its operations team.
Founded by former MD of Google UK Dan Cobley, former banking consultant Asesh Sarkar and entrepreneur Daniel Shakhani, SalaryFinance offers businesses in the UK a financial employee benefit that allows their staff to consolidate their personal debts and repay them via a low interest, fixed-rate loan. Loan repayments are taken directly from the employee’s payroll, rather than direct debit, reducing the cost and interest rate to around one third of the market average.
The service is free to employers and allows staff to reduce their personal debts. The rate of the loan does not change based on an individual’s income or credit score.