L&G-backed Salary Finance banks on £460m debt war chest

A workplace lender which counts the FTSE 100 companies Experian and Legal & General among its shareholders has secured a £460m financing warfare thorax arsenic it seeks to rotation retired its products to millions much British employees.

Sky News understands that Salary Finance volition denote connected Thursday that it has lined up the expanded indebtedness installation from JP Morgan and funds managed by Blue Owl Capital.

Based successful London, Salary Finance advances employees' wages to them, and believes the continued unit connected household budgets means request for its services volition turn successful the coming years.

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The institution was founded successful 2015 and has raised important equity backing from L&G, Experian and Blenheim Chalcot, a salient builder of caller companies.

Salary Finance says its lawsuit basal includes 20% of the FTSE 100, 30% of NHS Trusts and 8 of Britain's 10 largest retailers.

"Our ngo is to assistance millions of employees go financially healthier and happier," said Asesh Sarkar, Salary Finance's co-founder and main executive.

"This £460m successful backing allows america to conscionable the expanding request for liable credit.

"By providing a fiscal information nett that integrates loans, savings, advances, and education, we are helping employees determination from the rhythm of indebtedness to semipermanent resilience."

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The revised indebtedness installation represents a astir 50% upsizing from its erstwhile level, and comes 18 months aft Salary Finance explored a merger with Oakbrook, a tech-enabled lending platform.

Salary Finance said its enlargement was strategically aligned with the Treasury's fiscal inclusion strategy, published successful November, by offering a regulated, low-cost alternate to high-interest debt.