Salary Finance secures $150 mn of debt funding from CIM
By Pavithra R
Salary Finance, a provider of financial education and salary-linked benefits for employees, has announced a new round of funding of $150 mn from Community Investment Management (CIM), an institutional impact investment firm.
The company is planning to use the finance to help fund low-cost loans for working Americans struggling with financial stress.
“Americans are facing unprecedented financial stress due to COVID-19 and the worst economic recession since the Great Depression. Many don’t have enough money to make ends meet. The federal government is providing relief, but it’s not enough for those who have lost income or had family members lose their jobs. Working with progressive employers who empathize with the financial stresses facing their employees, we are committed to getting millions of Americans out of debt and into savings and helping those communities that so desperately need financial assistance,” said Dan Macklin, CEO, Salary Finance.
Founded in 2015, Salary Finance is an organization that partners with employers to offer financial wellness solutions that help employees be financially healthier and happier. Its recent survey found that two-thirds of American workers are experiencing financial stress. That stress often manifests itself in physical and mental illness. The financial disparity experienced by underserved communities is also staggering
“We applaud Salary Finance’s dedication to improving the financial health of American workers — particularly those who are historically underserved — and their efforts to partner with companies seeking to help their employees cope with financial issues. The affordable, fair and transparent capital Salary Finance offers is a lifeline that can reduce employee financial stress and, ultimately, build the resilience of our communities. We are looking forward to this partnership and what we can achieve together,” said Jacob Haar, Managing Partner of CIM.
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