London fintech star raises $20m

Today, Salary Finance, the FinTech financial wellbeing platform for employees, announces a $20M Series B investment led by founding investor Blenheim Chalcot and multinational financial services company Legal & General. The investment will be used to launch and scale Salary Finance in the U.S., as well as to continue to support its rapid growth in the UK.

Today, 17 million working Brits – around 40% of the workforce – have less than £100 in savings, with debt increasing by 26% since 2013. At the same time, employers are recognising the link between an employee’s confidence in their personal finances and their engagement, productivity and wellbeing in the workplace, making financial wellbeing an increasing priority for employers in the United Kingdom and
beyond.

Salary Finance partners with employers to offer a benefit that helps employees move from debt to savings. All savings deposits and loan repayments are taken by salary deduction, which creates a simple way for employees to manage their personal finances, and Salary Finance’s SaaS-based platform works with existing payroll technology and processes without the need for complicated integration. To date, Salary Finance has helped employees save on average £600 in interest and pay off debts 6-12 months sooner, as well as to build their credit scores and savings.

Founded in the UK in 2015, the Salary Finance platform is fast becoming a mainstream employee benefit, reaching almost a million employees across the UK. Recent employers to join the platform include BT, CapGemini, Virgin Active, Mitie and many NHS trusts and Councils.

On BT’s launch of Salary Finance, BT Chief Executive Gavin Patterson said: “Salary Finance has been one of the most impactful employee benefits I have seen launched in recent years.”