Former Google UK MD’s new venture SalaryFinance raises $6.1m
Dan Cobley says his financial employee benefit service will "help working people across the country"
SalaryFinance, the new venture from former Google UK MD Dan Cobley, has closed a $6.1m funding round from financial technology investor Brightbridge Ventures.
A financial employee benefit service, SalaryFinance enables staff to consolidate their debts and repay them through a low interest, fixed-rate loan from their payroll rather than direct debit.
Free to employers, the business claims this method can reduce the cost and interest rate by around a third of the market average, and is not altered by an individual’s income or credit score.
The tech start-up will use the funding to ramp up customer acquisition and to fuel the expansion of its operations team.
Cobley commented: “We are delighted by the level of employer and employee enthusiasm we’ve seen for SalaryFinance. This has given us the confidence to follow our initial seed investment with a major financial commitment. This funding will help bring the amazing SalaryFinance benefit to working people across the country.”
Asesh Sarkar, CEO of SalaryFinance, added:
“Our goal is to save hard working people in the UK £4bn per annum in unnecessary interest repayments, improving their financial health and their productivity at work.
“Since launch earlier this year, the demand for SalaryFinance from employers has been phenomenal. The capital from Brightbridge Ventures will allow us to service the demand and accelerate the numbers of employers we onboard and the reach we have across the UK.”