Based in the UK, Salary Finance partners with employers to provide a platform for staff to access a range of financial wellbeing products such as early access to earned wages, low-cost borrowing backed by the user’s salaries, resources for customized financial education, and tools for employees to build and automate savings.
The company acquired Neyber, another UK-based financial wellness platform provider backed by Goldman Sachs in March 2020 for an undisclosed amount, helping Salary Finance expand its market share by absorbing Neyber’s customer base. As of December 2020, the platform was used by 500 employers across the UK and the US, available to more than four million employees. These include more than a fifth of the companies in the FTSE-100 index. Salary Finance partnered with the US financial technology company Chime in July 2021 to launch Save—a new product to incentivize US employees to set up salary-linked savings accounts that came with a USD 50 bonus and a variable Annual Percentage Yield (APY) of 0.50%. Eligible employees also receive access to SpotMe, an overdraft feature for early access to direct deposit funds, and a “save while you spend” feature to build their savings.
In December 2020, the company raised GBP 20 million (approximately USD 27 million) in Series D funding, jointly led by Experian and existing investor, Legal and Guardian. With this funding, the company’s total funding raised reached USD 138.8 million. The company expects to use the funding to accelerate product development.
In March 2021, Salary Finance secured a USD 150 million investment from Community Investment Management (CIM). The investment will be in the form of debt funding that will be disbursed to Salary Finance over a period of three years. The company will utilize this investment to fund low-cost loans for its users.
No investor data is available