Salary Finance completes $32.8m funding for US push
Salary Finance, a provider of financial education and salary-linked savings and loans for employees, has completed a $32.8 million Series C funding, led by existing investors Blenheim Chalcot and Legal and General.
SoFi co-founder Dan Macklin will be joining Salary Finance as CEO of the US arm of the group.
“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,” says Salary Finance co-founder and global CEO Asesh Sarkar.
Recently, a Salary Finance US survey indicated 48% of American employees have money worries. The resulting lost productivity from depression, panic attacks, sleepless nights and distractions at work costs American businesses $500 billion 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.
“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,” says Macklin.
Dan Cobley, partner at Blenheim Chalcot and Salary Finance chair, adds: “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.”
Additional plans for the Series C funding in the US include building out Salary Finance’s savings product offerings, partnerships and US team.