Fintech platform Salary Finance has launched its services in the US following the completion of a $20m funding round, which was led by Blenheim Chalcot and Legal & General.
Founded around three years ago, Salary Finance now supports nearly one million employees in the UK.
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It has entered into partnerships with multiple companies such as BT, Virgin Active, Hospital Trusts enabling the employees to reduce their debt, improve saving habits and develop employee credit scores.
Salary Finance claims that the UK employees availing its services saved on average $785 in interest annually and paid off their debts around six to 12 months ahead.
With an office in Boston, Massachusetts, the company aims to serve US employees looking to addressing their financial challenges including personal debt.
Salary Finance CEO Asesh Sarkar said: “Companies are taking notice of the impact financial stress can have on employees, and Salary Finance presents a unique solution to bring financial wellbeing to the American workforce.
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By GlobalData“We are delighted to build on our success in the UK with our US launch. We see the same societal challenges in the US, with 40% of American employees lacking any real savings, and carrying personal debt, particularly high interest debt like credit cards and payday loans.
“This becomes a never ending way of life for many, impacting their engagement and productivity at work.”
In the US, it has partnered BofI Federal Bank and United Way in order to reach rapid scale.
