A workplace lender which counts the FTSE 100 companies Experian and Legal & General among its shareholders has secured a £460m financing war chest as it seeks to roll out its products to millions more British employees.
Sky News understands that Salary Finance will announce on Thursday that it has lined up the expanded debt facility from JP Morgan and funds managed by Blue Owl Capital.
Based in London, Salary Finance advances employees’ wages to them, and believes the continued pressure on household budgets means demand for its services will grow in the coming years.
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The company was founded in 2015 and has raised substantial equity funding from L&G, Experian, and Blenheim Chalcot, a prominent builder of new companies.
Salary Finance says its client base includes 20% of the FTSE 100, 30% of NHS Trusts and eight of Britain’s 10 largest retailers.
«Our mission is to help millions of employees become financially healthier and happier,» said Asesh Sarkar, Salary Finance’s co-founder and chief executive.
«This £460m in funding allows us to meet the increasing demand for responsible credit.
«By providing a financial safety net that integrates loans, savings, advances, and education, we are helping employees move from the cycle of debt to long-term resilience.»
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The revised debt facility represents a roughly 50% upsizing from its previous level, and comes 18 months after Salary Finance explored a merger with Oakbrook, a tech-enabled lending platform.
Salary Finance said its expansion was strategically aligned with the Treasury’s financial inclusion strategy, published in November, by offering a regulated, low-cost alternative to high-interest debt.