￡40m funding round for SalaryFinance

Today we announce a significant milestone for SalaryFinance: a ￡40m funding round led by Legal & General (L&G), alongside our founding investor and partner, Blenheim Chalcot.

We started SalaryFinance 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 now ready to scale our growth over the coming years, both 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 SalaryFinance to transform their employees’ financial health, boost engagement and help employees be more effective at work.

The funding enables us to launch our Financial Wellbeing Hub which allows SalaryFinance customers to improve their financial circumstances in two key ways. 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.

We are also today launching a series of roundtables.  SF Connect will be a forum for forward-thinking HR leaders to come together over breakfast to hear expert guest speakers and discuss the big issues in employee financial wellbeing. Full details will be released in the coming weeks. Topics will include mental health, savings culture, making financial education work and much more.  If you are interested, please connect and send me a message.

Press on this funding announcement can be found in The Times and Financial Times.