SalaryFinance is a FinTech (financial technology) company and one of the UK’s fastest growing employee benefits. They make a hugely positive difference to the financial health of employees, by helping them to pay off their existing debt faster and save towards their financial goals. They have been included in Forbes both as one of five fast-growing British businesses to watch in 2016 and as one of five exciting socially responsible British startups, in the FT as a truly meaningful staff benefit, and as one of KPMG’s Global FinTech 100.
Their platform help employees to boost their savings by paying off their existing debts faster, by dramatically reducing the interest they pay. SalaryFinance do this by consolidating existing debt into a single low cost loan, with repayments made from salary deduction. This repayment method lowers risk and cost, enabling them to offer a single low interest rate – one-third the high street bank rate for the average UK employee – regardless of income or credit score. SalaryFinance help employees pay-off existing debt, rather than encourage more.
Launched in 2015, SalaryFinance are making amazing progress. They have built technology that integrates seamlessly into existing payroll services, are live with major clients, and have partnered with Benefex, giving them reach to 1 million employees. Employees are saving on average £900 in interest payments. The average take up in employers is 10% in the first year.