Money 2020 – Focus On: Salary Finance

 

What is Salary Finance?

Salary Finance is one of the UK and US’s fastest growing employee benefits. Their mission is to help millions of employees around the world to become financially healthier and happier.  40% of UK and 49% of US employees are worried about money and this has a huge impact on their lives inside and outside of work. To address this, Salary Finance provides employers with a benefit, which allows their employees to take action to improve their financial health. They do this by providing salary linked savings, access to their income as it is earned, and affordable loans – all underpinned by accessible, engaging financial education.

How has the Venture Builder model helped Salary Finance to accelerate the journey from founding to today?

There are two main areas that being part of a Venture Builder has helped with Salary Finance’s rapid growth:

• Shared knowledge – Blenheim Chalcot has a number of fintech ventures that, although working in different markets, have relevant shared learnings. Being part of the group enables all ventures to benefit from this shared knowledge and experience.  Blenheim Chalcot has also been building ventures for 20 years, has been through many cycles, and adds significant real world experience to founding teams.
• Early clients – it is in the nature of tech businesses to be continually iterating and developing new products. Blenheim Chalcot gives all its venture access to a group of potential early clients for new products. This additional layer of testing is hugely helpful in developing propositios before they launch fully to market.  For example, Salary Finance’s first client, was Agilisys, a Blenheim Chalcot portfolio company, with over 1,000 employees.

Since their formation in 2015, Salary Finance have:

• Signed-up over 150 corporate clients with 1m+ employees across the UK and US, helping to improve employee financial wellbeing.
• Secured over £465m in equity and debt funding.
• Over 36 award recognitions in 2018/19 for innovation and social impact, including BITC Responsible Business of the Year 2018, the Mayor of London Global Impact Award 2019 and WSB Benefits Innovation of the Year 2018.
  

 

 

Asesh Sarkar, Salary Finance CEO said “I joined Blenheim Chalcot (BC) with an idea.  BC’s expertise, capital and connections have unquestionably been a key part in bringing that idea to life and our growth and success, and I personally, along with the Salary Finance team, are hugely grateful.  BC is also a very fun and inspiring place to be”

Asesh will be appearing on Blenheim Chalcot’s Money 2020 panel on Friday 3rd June at 5:30pm on The Lab Stage. For more information, please click here.