Today we announce a significant milestone for Salary Finance: a £40m funding round led by Legal & General (L&G), alongside our founding investor and partner, Blenheim Chalcot.
We started Salary Finance in 2015 with a mission to help employees improve their financial health, by helping them move from debt to savings. We’re delighted to be succeeding in this mission and are now ready to scale our growth in the UK and Internationally.
The investment signals growing recognition of the impact that financial concerns have on work and life, and the potential of workplace benefits to improve the lives of employees. With 40% of employees having less than £100 in savings, the problem is stark. It is inspiring to see so many employers recognising this and adopting Salary Finance to transform their employees’ financial health, boost engagement and help employees be more effective at work.
The funding enables us to expand how we can help employers improve employee financial wellbeing. First, by helping them understand their money better through financial education, budgeting tools and credit score reports. Second, by making a positive change through salary linked savings and low interest salary loans. By making these interventions employers can make a material difference to the lives of their employees.
We looked far and wide for the right investment partner to join Blenheim Chalcot and are delighted to welcome L&G, the FTSE 100 insurer and asset manager, who share a common focus on employee financial wellbeing and business with social purpose.