An employee benefits firm just closed its £40m funding round
SalaryFinance, a financial wellbeing employee benefits firm, has announced today (October 4) it has completed a £40m funding round - subject to Financial Conduct Authority approval.
The round was led by FTSE 100 financial services firm Legal & General with founding investor Blenheim Chalcot, the UK’s digital venture builder, also participating.
Enabled by this funding, SalaryFinance has launched its Financial Wellbeing Hub, a comprehensive suite of financial education, products and services available in the market, enabling its customers to make a positive change to their financial circumstances.
Asesh Sarkar, CEO of SalaryFinance, commented: “This investment marks the completion of the first phase of our long-term plan, proving that finance can be delivered in a socially progressive way.
“We looked for the right investment partners who share in our focus on business with social purpose, and we are delighted to have Legal & General on board alongside Blenheim Chalcot.
“This investment now gives us the ability to take our growth to the next level, allowing us to launch into new product areas such as savings. Our Financial Wellbeing Hub is just the first step.”
SalaryFinance is an employee benefits businesses, specialising in technology to help people improve their financial health, consolidate debt and start saving. This investment signals growing recognition of the impact that financial concerns have on work and life.
It is said that 17m UK employees have less than £100 in savings. Employers are beginning to recognise this and adopt solutions like SalaryFinance to help their employees’ financial health and increase productivity at work.
Part of the investment will support the company’s international expansion. Currently headquartered in London, the company first plans to move into the US market, with other territories to follow. More details on the expansion will be announced in 2018.
Bernie Hickman, CEO of Legal & General Insurance, also said: “Financial wellbeing lies at the heart of Legal & General’s business. We provide workplace pensions for 2.4m customers, Group Protection benefits for 2m UK employees and protection cover for over 5m individuals.
“We want to help our customers and our employees manage and improve their financial health, using technology to make it easy to access a range of great value products and services.
“I am excited by the opportunity to work in partnership with SalaryFinance to broaden out and scale up this already successful and socially useful business, improving the financial wellbeing of many more people.”