SalaryFinance

SalaryFinance is a new employee benefit. Our mission is to save UK workers £4bn per annum through lower interest repayments. Research shows that 1 in 3 UK workers cite money worries as having a negative impact on their productivity at work. To address this, SalaryFinance works with progressive employers to help their staff reduce their personal finance interest costs. Our platform allows employees to take out loans when they need it, with repayments collected from salary deductions. This repayment method substantially lowers risk/cost, the savings from which we pass on to employees. We focus on reducing the cost of existing borrowing, rather than encouraging more. Our interest rate of 7.9% APR is the same for all staff and is around one third the rate charged by the big four UK banks, for loans less than £5,000. Whilst the big banks advertise lower rates, they tend to be for higher value loans and not available to all consumers. On average, employees who use SalaryFinance, benefit from an equivalent 2-3% pay rise, through lower interest costs. There is minimal admin and no cost or liability for employers, making SalaryFinance a win-win product, for employers and their staff.
Company Growth (employees)
Type
Private
HQ
London, GB
Founded
2015
Size (employees)
35 (est)+7%
SalaryFinance was founded in 2015 and is headquartered in London, GB

Key People/Management at SalaryFinance

Asesh Sarkar

Asesh Sarkar

Co-founder and CEO
Dan Cobley

Dan Cobley

Co-Founder and Chairman
Daniel Shakhani

Daniel Shakhani

Co-founder and Advisor

SalaryFinance Office Locations

SalaryFinance has an office in London
London, GB (HQ)
1 Hammersmith Broadway

SalaryFinance Financials and Metrics

Summary Metrics

Founding Date

2015

Total Funding

$59.1 m

Latest funding size

$53 m

Time since last funding

2 months

Investors

SalaryFinance's latest funding round in October 2017 was reported to be $53 m. In total, SalaryFinance has raised $59.1 m

SalaryFinance Financials

GBP

Cash (31-Dec-2016)

1.2 m
GBPFY, 2016

Cash

1.2 m

Accounts Receivable

411.6 k

Current Assets

1.6 m

Total Assets

1.6 m
    Y, 2016

    Financial Leverage

    -0.6 x
    Show all financial metrics

    SalaryFinance's Web-traffic and Trends

    SalaryFinance Online and Social Media Presence

    SalaryFinance News and Updates

    UK fintech company SalaryFinance raises £40 million in funding

    Fintech startup SalaryFinance has raised £40 million. The round, which is awaiting approval from the UK’s Financial Conduct Authority, was led by insurance firm Legal & General with participation from Blenheim Chalcot. The UK-based SalaryFinance helps employees manage their finances, debt, and s…

    SalaryFinance Company Life and Culture

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