Salary Finance Raises $20M Series B to Launch in the US

Salary Finance has raised $20M (approximately £15.5M at spot rates) in a Series B funding round to support its expansion into the United States.

The round was led by Blenheim Chalcot and Legal & General, both existing investors. The investment will fund a new US headquarters in Boston, Massachusetts, and continued growth in the UK, where the platform has scaled rapidly as a mainstream employee benefit since launching three years earlier.

The US launch is being supported by a partnership with BofI Federal Bank as lender of the Salary Finance programme, and with United Way Worldwide — the largest privately funded non-profit globally — which is introducing Salary Finance to its 60,000 corporate partners, including more than half of the Fortune 500.

Co-founder and CEO Asesh Sarkar said the company was delighted to build on its UK success by expanding into the US. Dan Cobley, Chair of Salary Finance and FinTech Partner at Blenheim Chalcot, said employer adoption had been inspiring since the company was founded with Sarkar and Daniel Shakhani in 2015.