Insurance and financial services firm Legal & General co-led a £40m ($52.3m) round for UK-based employee benefits management platform SalaryFinance on Wednesday with venture builder Blenheim Chalcot.
SalaryFinance partners employers to establish financial wellbeing initiatives for their employees, helping them consolidate debt and begin putting together savings.
The funding will support SalaryFinance’s launch of a financial education, products and services software suite called Financial Wellbeing Hub, as well as an international expansion drive that will begin with a move into the US in 2018.
Leegal & General’s participation in the round follows its formation of a financial technology division in July this year, appointing Nick Frankland to run the unit as managing director.
Bernie Hickman, CEO of Legal & General Insurance, said: “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.
“This investment will be part of the newly created Legal & General Insurance Fintech business that brings together the many benefits and strategic advantages that Legal & General enjoys with the fast-pace, technology-first, customer-centric approaches of successful digital startups, such as SalaryFinance.”
The round comes after SalaryFinance raised $6.1m in late 2015 from Brightbridge Ventures, Blenheim Chalcot’s fintech incubation arm.