Salary Finance, a London-based financial services provider that caters to financial education and savings and loans needs for salaried employees, as per recent reports, has successfully closed a $32.8 million Series C funding. The funding round was led by previous investors Blenheim Chalcot, a London-based venture capital and private equity firm; and Legal & General, a London-based financial services firm.
Furthermore, speculations are that Dan Macklin, co-founder of SoFi, will be joining as the CEO of Salary Finance for US operations.
“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,” states Salary Finance co-founder and global CEO Asesh Sarkar.
As per a recent Salary Finance US survey, 48% of American employees have worries concerning money. The report delving deep into the mental profile of employees illustrates that depression, panic attacks, sleepless nights, and distractions at work cost American businesses a whopping $500 billion annually, which amounts to an approximate 2.5% of the US GDP.
The London-based Salary Finance aims at restoring Americans’ financial wellness, mental health, and economic prosperity by assisting them in ways to turn out debt free and inculcate savings habit.
“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,” states Macklin.
Dan Cobley, a partner at Blenheim Chalcot and Salary Finance chair, says, “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.”