Blenheim Chalcot co-leads $20m series-B for SalaryFinance

The company will undertake international expansion with a particular focus on the US market, where it is launching an office in Boston and will partner with BofI Federal Bank. It has already secured agreements to offer its products to US employers including United Way and L&G America.

According to a statement, SalaryFinance is expected to experience a tenfold increase in revenues in 2018.

Previous funding
Blenheim Chalcot provided $6.1m in startup capital to SalaryFinance in 2015, investing through its fintech incubator arm Brightbridge Ventures.

Legal & General then led a £40m funding round for SalaryFinance with participation from Blenheim Chalcot in October 2017.

Company
Founded in 2015, London-headquartered SalaryFinance provides low-cost consumer loans for the purpose of paying off employees' higher interest debts. These are then repaid through employers by way of salary deductions. The business also offers savings and financial education services.

SalaryFinance's services are currently offered by employers including BT, CapGemini, Virgin Active, Mitie, NHS trusts and local councils.

People
Blenheim Chalcot – Dan Cobley (fintech partner).
Legal & General – Nick Frankland (fintech managing director).
SalaryFinance – Asesh Sarkar (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

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