# Salary Finance

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/salary-finance

- Industry: Financial Services
- Headquarters: London, UK
- Website: www.salaryfinance.com
- Total disclosed funding: $53M
- Latest round: Series C (Apr 16, 2019)
- Investors on record: 3

## About

Salary Finance Limited, based in the UK, specializes in providing financial products that enhance employee wellbeing, focusing on affordable loans, pay advances, and savings linked to salaries.Founded in 2015, Salary Finance Limited operates out of London, UK, delivering innovative financial solutions to employees through employer partnerships. Key founders include Asesh Sarkar, Dan Cobley, and Mannsi Bhojani. The company raised USD 150.00 mn in VENTURE DEBT financing on March 18, 2021, led by Community Investment Management, bringing the total amount raised to USD 27.00 mn.Salary Finance offers a range of financial products aimed at improving employee financial wellbeing, including affordable loans, pay advances, and savings programs tied to salaries. The loans feature favorable acceptance rates and lower interest rates compared to traditional lending options, while the pay advance service allows employees to access earned wages, aiding in managing expenses. Additionally, their savings product encourages financial discipline by enabling direct salary savings, supported by a government-backed scheme.In the most recent fiscal year 2023, Salary Finance reported a revenue of USD 26,296,411.80, alongside an EBITDA of USD -19,947,217.60, showcasing the financial dynamics of their operations through employer partnerships and financial product offerings.Following the recent funding round in March 2021, Salary Finance Limited plans to expand its product offerings and enhance accessibility to low-cost loans for working-class Americans. The funds raised will support initiatives aimed at broadening their market presence and possibly introducing new financial solutions in the near future. The ongoing strategy includes targeting further expansion into specific markets and regions to enhance financial wellbeing.

## Funding rounds

- Series C, Apr 16, 2019, $33M — Legal & General Investment Management, BCI Capital, Tech Nation
- Series B, Aug 26, 2018, $20M — Legal & General Investment Management, BCI Capital

## Investors

- Legal & General Investment Management (https://capitalatlas.ai/funds/legal-general-investment-management) — Series B, Series C
- BCI Capital (https://capitalatlas.ai/funds/bci-capital) — Series B, Series C
- Tech Nation — Series C