Blenheim Chalcot in £40m round for SalaryFinance

Financial services firm Legal & General led the round, which will fund the launch of the company's Financial Wellbeing Hub, a platform focusing on financial education, products and services. The platform is designed to enable people to manage and understand their finances via educational content, budgeting tools and credit score checks, before applying for low interest and salary-deductible loans.

The fresh capital will also enable the business to undertake international expansion, with an initial focus on the US market.

The transaction comes just three weeks after Goldman Sachs Private Equity made a £100m hybrid investment in Neyber, which provides consumer loans that are repaid directly via the borrower's salary.

The deal is subject to approval from the Financial Conduct Authority.

Company
Headquartered in London and founded in 2015, SalaryFinance is a consumer debt provider that provides low-cost loans for the purpose of paying off employees' higher interest debts. Employees can apply for loans worth up to 20% of their salary at interest rates from 3.9% APR that are then repaid via their pay cheques.

The company's clients include Dunelm, Timpsons, Worldpay, Ageas, Saga, Hays, Agilisys, Eon and the London Borough of Hackney.

People
Blenheim Chalcot – Dan Cobley (chairperson).
SalaryFinance – Asesh Sarkar (CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Venture