CYBG has agreed to a new joint venture to fund up to £400m of personal loans through fintech group Salary Finance.

The joint venture (JV) will support Salary Finance’s salary-deducted loans product line.

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CYBG CEO David Duffy said: “FinTech is revolutionising how the financial sector works – 42% of us in the UK now use the services of at least one FinTech firm.

“We have been hugely impressed by the Salary Finance team and the clear social purpose that underpins everything they do.”

What is Salary Finance?

Established in 2015, Salary Finance is a platform that enables the employees to avail multiple credit options. It includes salary-deducted savings, loans and pay advances.

Subsequently, the employee can repay the loan through their employer’s payroll system.

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It is said to have touched more than a million employees across all sectors including BT, E.ON, Virgin Active, Capgemini, Carlsberg and Dixons Carphone. It also includes NHS Trusts, councils and schools.

Salary Finance CEO Asesh Sarkar said: “We are on a mission to make the lives of millions of employees around the world financially healthier and happier.

“Our flagship salary deducted loans product is a core part of our broader financial wellbeing platform and the funding joint venture with CYBG will enable us to continue to scale the product over the coming years.”

Both the entities already share a banking relationship with CYBG being an SME customer with a revolving credit facility funding line.Headquartered in Leeds, CYBG is a holding company which owns Clydesdale Bank, Yorkshire Bank, Virgin Money UK.

Last month, it concluded the acquisition of Virgin Money.