Salary Finance Raises £20M Series D Led by Legal & General and Experian

Salary Finance has completed a £20M (approximately $27M) Series D funding round, co-led by two FTSE 100 institutions: existing shareholder Legal & General and new investor Experian.

The round takes total equity raised by Salary Finance to close to £100M, alongside £500M in debt funding. Existing investors Blenheim Chalcot, Goldman Sachs and Royal London also continued to back the company.

Salary Finance has grown rapidly during the pandemic and is now considered a mainstream employee benefit, with live and onboarding clients including 20% of the FTSE 100, one in four NHS Trusts, and eight of the big ten supermarkets. The platform has provided close to £500M in low-interest loans since launch, helping employees consolidate and pay off debts faster.

Co-founder and Global CEO Asesh Sarkar said 2020 had been a pivotal year for the employment-linked financial services industry, with COVID-19 bringing the financial challenges of millions of working people into sharp focus. Bernie Hickman, CEO at L&G Insurance, said the firm was delighted to add to its investment in Salary Finance alongside Experian.