Salary Finance Raises £40M Series A Led by Legal & General to Scale Workplace Financial Wellbeing

Salary Finance, the UK FinTech platform helping employees access salary-linked loans, savings and financial education, has completed a £40M Series A funding round.

The round was led by FTSE 100 financial services firm Legal & General, with founding investor Blenheim Chalcot — the UK's leading digital venture builder — also participating. The investment was subject to Financial Conduct Authority approval at the time of announcement, and formed part of Legal & General's newly created Insurance FinTech business.

Co-founded in 2015 at Blenheim Chalcot's West London venture builder by Asesh Sarkar, Daniel Shakhani and Dan Cobley, Salary Finance partners with employers to offer payroll-deducted loans, savings, and a Financial Wellbeing Hub for employees. The company described the raise as completing the first phase of its long-term plan to deliver financial services with a social purpose.

Asesh Sarkar, CEO of Salary Finance, said the round validated the company's mission to prove that finance could be delivered in a socially progressive way, and that the team had sought out investment partners aligned with its focus on business with social purpose.