Salary Finance, a UK-based startup focused on salary-linked savings and loans for employees, has raised $32.8 million and hired SoFi co-founder Dan Macklin for a US expansion.
Existing investors Blenheim Chalcot and Legal & General led the Series C funding round for Salary Finance, which was founded in 2015 and partners with employers to bring "financial wellness" to employees by letting them save through their salary and draw down their pay as they earn it - rather than waiting until the end of the month.
The company has now set its sights on the US, where a recent survey found that 48% of employees have money worries. With a target of reaching 10 million Americans, it has brought in Macklin as CEO of US operations.
Asesh Sarkar, global CEO, Salary Finance, says: "Selecting Dan to spearhead the US team was an easy choice because of our shared dedication to delivering financial products that create social good. In addition, Dan’s market experience and business relationships will be an invaluable asset to our growth plan in the US."
Macklin adds: "In Salary Finance I saw the same opportunity I saw with SoFi to make a positive difference in the financial lives of millions of people while creating a multi-billion dollar company.
"Leading employers are increasingly recognising the value of offering financial benefits to employees beyond health insurance and a 401(k). As CEO of Salary Finance Inc., my goal is to help ten million Americans out of debt and start them on a path to saving for their family’s future."
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