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SalaryFinance gets £40m to help employees start saving

SalaryFinance

SalaryFinance, a financial wellbeing employee benefits platform, has raised £40m in a round led by Legal & General and Blenheim Chalcot.

The company, which uses technology to help employees consolidate debt and start saving, says it is working with clients including Dunelm, Timpsons, Worldpay, Ageas, Saga, Hays, Agilisys, E.ON and the London Borough of Hackney.

SalaryFinance will use part of the funding to support its international expansion as it seeks to move into the US market.

Asesh Sarkar, CEO of SalaryFinance, commented: “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. This investment now gives us the ability to take our growth to the next level, allowing us to launch into new and exciting product areas, such as savings. Our market leading Financial Wellbeing Hub is just the first step.”

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.”

Dan Cobley, chairman of SalaryFinance and partner at Blenheim Chalcot, added: “Blenheim Chalcot is delighted to partner with Legal & General in the next phase of growth for SalaryFinance, another exciting fintech business that began life in our Hammersmith venture builder.”

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