UK based employee loan benefit service SalaryFinance has raised $6.1m of private financing, led by Brightbridge. The service, which is free to employers, allows staff to consolidate their personal debts and repay them via a low interest, fixed-rate loan that is taken directly from employee's payroll. The startup plans to use the funds to increase its customer acquisition and expand its operations team.
Addressing a Brightbridge Ventures event on FinTech on Thursday evening, Danny Alexander, former Chief Secretary, will say: “The ordinary consumer is still not well enough served by traditional financial services. Access to core products, such as personal lending, is highly regressive. The best deals, the best services, are only often available to higher earners. SalaryFinance is a great example of a FinTech company with a social purpose, which has the potential to make millions of our citizens better off.”