UK-based personal finance management platform operator Salary Finance secured $32.8m on Tuesday in a series C round co-led by financial services firm Legal & General and venture builder Blenheim Chalcot.
Founded in 2015, Salary Finance has developed a finance wellness platform that helps employees manage their personal finances by offering loans and saving accounts that are topped up by taking payments directly from their salaries.
Dan Markin, formerly chief executive of online lending platform SoFi, has joined Salary Finance as its US CEO. The series C capital will be used to support growth plans in the UK and the US that will include expanding its savings product offerings, partnerships and US team.
Salary Finance had raised $20m in a September 2018 series B round co-led by Legal & General and Blenheim Chalcot. The same two investors had previously backed a $52.3m round in late 2017, adding to the $6.1m the company received from Brightbridge Ventures, Blenheim Chalcot’s fintech incubator, in 2015.
Asesh Sarkar, Salary Finance’s co-founder and CEO, 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.”