Salary Finance, the leading global provider of financial education and salary-linked savings and loans for employees, announces $32.8m Series C funding announcement, led by existing investors Blenheim Chalcot and Legal & General. This comes in conjunction with the announcement that SoFi co-founder Dan Macklin will be joining as US CEO, Salary Finance Inc.
Salary Finance co-founder and Global CEO Asesh Sarkar said, “The new funding will be used to support our ambitious growth plans in the UK and US, and to develop and scale new products and services in pursuit of our vision to help millions of employees around the world become financially healthier and happier.
“Selecting Dan to spearhead the US team was an easy choice because of our shared dedication to delivering financial products that create social good. In addition, Dan’s market experience and business relationships will be an invaluable asset to our growth plan in the US.”
This announcement comes on the heels of a recent Salary Finance US survey indicating 48% of American employees have money worries. The resulting lost productivity from depression, panic attacks, sleepless nights and distractions at work costs American businesses $500bn per year, or approximately 2.5% of the US GDP. Salary Finance’s mission is to restore Americans’ financial wellness, mental health and economic prosperity by helping American employees get out of debt and into savings.
Macklin said, “In Salary Finance I saw the same opportunity I saw with SoFi to make a positive difference in the financial lives of millions of people while creating a multi-billion dollar company. Leading employers are increasingly recognizing the value of offering financial benefits to employees beyond health insurance and a 401(k). As CEO of Salary Finance Inc., my goal is to help ten million Americans out of debt and start them on a path to saving for their family’s future.”
Dan Cobley, partner at Blenheim Chalcot and Salary Finance Chair added, “We are delighted to have Dan on the team, bringing his wealth of experience from SoFi to accelerate our growth in the US, a market that offers huge opportunities for us. Hundreds of leading UK employers are already working with Salary Finance to help their employees, and we are very confident that US employers will be similarly enthusiastic to offer financial education and salary-linked savings and loans to their employees.”