(l-r) Asesh Sarkar, Dan Cobley, Daniel Shakhani.
The financial wellbeing employee benefits firm has completed a £40m funding round led by Legal & General and Blenheim Chalcot.
SalaryFinance is one of the UK’s fastest-growing employee benefits businesses, specialising in technology to help employees improve their financial health, consolidate debt and start saving.
The £40m funding round was led by FTSE 100 financial services firm Legal & General with founding investor Blenheim Chalcot, the UK’s leading digital venture builder, also participating.
This 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.
The company’s clients now cover most employment sectors in the UK, including Dunelm, Timpsons, Worldpay, Ageas, Saga, Hays, Agilisys, EON and the London Borough of Hackney.
In the last quarter, SalaryFinance has also agreed launches with organisations employing over 600,000 staff, including the employees of Legal & General.
The investment will support the company’s international expansion. Currently headquartered in London, the company first plans to move into the US market, with other territories to follow.
Asesh Sarkar, CEO of SalaryFinance, said: “This investment marks the completion of the first phase of our long-term plan, proving that finance can be delivered in a socially progressive way.
“We looked far and wide for the right investment partners who share in our focus on business with social purpose, and we are delighted to have Legal & General on board alongside Blenheim Chalcot.”
Bernie Hickman, CEO of Legal & General Insurance, added: “Financial wellbeing lies at the heart of Legal & General’s business. We provide workplace pensions for 2.4 million customers, Group Protection benefits for 2 million UK employees and Protection cover for over 5 million individuals.
“We want to help our customers and our employees manage and improve their financial health, using technology to make it easy to access a range of great value products and services.
“I am excited by the opportunity to work in partnership with SalaryFinance to broaden out and scale up this already successful and socially useful business, improving the financial wellbeing of many more people.
“This investment will be part of the newly created Legal & General Insurance Fintech business that brings together the many benefits and strategic advantages that Legal & General enjoys with the fast pace, technology first, customer centric approaches of successful digital startups, such as SalaryFinance.”