UK-based CYBG has completed its joint venture (JV) with fintech platform Salary Finance following the receipt of all necessary regulatory approvals.

In November last year, the two companies entered into a joint-venture partnership under which CYBG agreed to fund up to £400m of personal loans through Salary Finance platform.

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CYBG-Salary Finance JV details

Salary Finance enables the employees to avail multiple credit options by connecting the respective payroll with their employers. The services include salary-deducted savings and loans.

Under the JV, CYBG will fund Salary Finance’s growing salary-deducted loans product line. Salary Finance will be responsible for all the other services including loan origination and management, marketing and cash management among others.

The Salary Finance’s loan service is said to offer lower rates due to efficiency and security, as it is repaid through company salary payroll.

Additionally, it enables the employees to pay off their debts six to 12 months earlier compared to conventional channels.

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Salary Finance chief executive 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.”

The JV is expected to bolsters CYBG’s existing personal lending business and expands its current offerings.

Last month, CYBG unveiled B-works concept store in Manchester to improve transform the traditional branch experience.