Salary Finance, a financial wellness solution for employees, has collected a $32.8m Series C to support US expansion.
The equity round was led by existing investors Blenheim Chalcot and Legal & General.
Alongside the funding announcement, the company has appointed SoFi co-founder Dan Macklin as its new CEO.
Capital from the round is being used to support expansion in the US and UK, but it will also support the development of its product offerings, partnerships and the US team.
UK-based Salary Finance is an employee financial wellness platform which offers users financial education, salary-linked loans, savings and advances. Through the app, an employee can take out a loan of between $1,000 and $35,000 with APR ranging from 5.9 per cent to 19.9 per cent. Loans are capped at 20 per cent of the user’s salary and repayment terms vary from 12 to 36 months.
To ease repayments, the loan repayments are taken directly from their monthly pay, to ease stress on making payments on time.
In addition to this, the company helps employees with savings by automatically sending part of their salary into savings each month. Other tools are also available to improve the financial education and wellbeing of the employee.
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.”
Last year, the WealthTech company closed its Series B round on $20m, following investments from Blenheim Chalcot and Legal & General. The round was raised to support growth across the US and the launch of its office in Boston.
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