Salary Finance

What Salary Finance does

Salary Finance is a UK-headquartered financial wellbeing platform founded in 2015 that operates a B2B2E model, partnering with employers to distribute salary-linked financial products to their workforces. The company reports reaching 4.5 million employees across 600+ employer partners in the UK and US, with no direct cost to employers; the product suite comprises Borrow (personal loans of £1,000–£25,000 repaid via salary deduction), Advance (early access to up to 50% of earned pay for a £1.69 flat fee per withdrawal), Save (salary-linked savings accounts held with Coventry Building Society at 2.25% AER), Help to Save (intermediation of the government HMRC/NS&I scheme), and Learn (financial education content). A unified iOS and Android mobile application and a web portal deliver the consumer experience, with bespoke employer launch communications plans executed by an in-house implementation and MI reporting function.

The platform is built on direct integrations with employer payroll systems for automated salary deductions, and with Experian and TransUnion for credit reference checks. Salary Finance also acts as a credit broker for its wholly-owned lending subsidiary, Salary Finance Loans Limited. Regulatory standing includes dual FCA authorisations (FRN 758053 and FRN 734585), FCA Small Payment Institution registration (FRN 788485), ISO 27001 certification, and ICO registrations, alongside CIFAS fraud prevention participation and FSCS protection on Coventry Building Society savings balances. In May 2022 Salary Finance divested its Work Report employment and income verification product to Experian, retaining a data partnership role.

The company is privately held and has raised approximately $289 million across six funding rounds between 2015 and 2021, with primary investors including Legal & General and Blenheim Chalcot. Revenue is generated primarily from net interest income on Borrow loans and per-transaction fees on Advance, with the 2021 $150 million facility from Community Investment Management structured to support growth of the lending book. The acquisition of Neyber in March 2020 extended product capability, and operational headquarters are located in White City, London, with 101–250 employees.

Name

Salary Finance

Legal name

Salary Finance Limited

Website

https://salaryfinance.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Salary Finance is a B2B2E financial wellbeing platform founded in 2015 that partners with 600+ employers across the UK and US to deliver salary-linked loans, wage advances, savings, and financial education to over 4.5 million employees.

Ownership category

akta.pro rank

Product category

Employee Financial Wellbeing

NAICS

Activities Related to Credit Intermediation (5223)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Employer-Sponsored / Payroll-Linked Personal Loans (Unsecured Installment) (FSAKAAAM)

akta.pro secondary industry

Embedded Payroll, Earned Wage Access & Benefits Finance (FSAGALAI)

Keywords

• Employee financial wellbeing
• Salary-linked lending
• Earned wage access
• Workplace savings benefits
• Employer financial benefits

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Supply Chain

Revenue model

1. Loan Interest: Salary Finance earns interest on personal loans provided to employees. Loans range from £1,000 to £25,000 with APR rates specific to each employer. The company acts as either lender or credit broker for Salary Finance Loans Limited.
2. Advance Transaction Fees: A flat fee of £1.69 is charged per Advance withdrawal. Advance allows employees to access up to 50% of their earned pay before payday with no interest charges.
3. Employer Partnerships: Free to employers - revenue is generated through the lending and transaction fee activities rather than direct employer payments

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Salary Finance operates a B2B2E employee financial wellbeing platform, partnering with employers to offer salary-linked financial products to their workforce. Core offerings include affordable personal loans (Borrow) repayable via payroll deduction, early access to earned pay (Advance), salary-linked savings (Save) underwritten by Coventry Building Society, government-backed Help to Save scheme administration, and a financial education platform (Learn). The product suite is delivered through a mobile app and web portal integrated with employer payroll systems.

Product overview

Salary Finance operates as an employee financial wellbeing platform offering a portfolio of salary-linked products: Borrow (affordable personal loans repaid via salary deduction), Advance (early access to earned pay with flat fee), Save (salary-linked savings with Coventry Building Society), Help to Save (government scheme for Universal Credit recipients via HMRC/NS&I), and Learn (financial education platform with tools and resources). The Salary Finance App serves as the unified mobile interface for managing all products. The platform differentiates through employer partnerships, enabling salary-linked repayments that reduce credit risk and improve affordability. Former product Work Report (employment verification) was sold to Experian in May 2022, with Salary Finance retaining a data partnership role. Additional offerings include Protect (insurance). The architecture is a platform-plus-modules model where the core app and employer integrations underpin all product delivery.

Differentiator

Problem solved

Functional benefit

Products and services

• Borrow Affordable personal loans of £1,000 to £25,000 repayable by automatic salary deduction for employees of partner organisations. Offers higher acceptance rates and lower interest rates than traditional lenders, with repayments taken directly from payroll to reduce the risk of missed payments. Targeted at employees of partner organisations who may have difficulty accessing credit elsewhere.
• Advance Salary advance product that allows employees to access up to 50% of their earned pay before payday. Not a loan or credit product; no interest charged. Fixed fee of £1.69 per withdrawal, with funds typically transferred within 24 hours, often within minutes. Designed for employees of partner employers needing to cover unexpected bills or smooth cash flow.
• Save Salary-linked savings product in partnership with Coventry Building Society. Employees set savings amounts deducted directly from salary on payday, with funds held in a Coventry Building Society savings account offering 2.25% AER variable interest and instant access. FSCS protected up to £85,000.
• Help to Save Government-backed savings scheme for eligible employees (including Universal Credit recipients), administered in partnership with HMRC and NS&I. Employees can save £1–£50 per month and receive a 50% government bonus (up to £1,200 over four years). Accounts held with National Savings & Investments.
• Learn Financial education platform providing educational resources including live webinars, video content, blogs, guides, tools, and calculators. Covers credit and borrowing, planning and budgeting, saving, investing, retirement, and life events, including a Financial Fitness Score assessment. Available to employees of partner employers.
• Salary Finance App Mobile application available on iOS (16.6+) and Android that serves as the unified interface for managing loans, advances, and savings. Provides personalised tips and tools, financial progress tracking, salary advance requests, and Learn content. Features biometric login, payday countdown, and push notifications.
• Protect Insurance or protection product available on the Salary Finance platform through employer partnerships, with data shared across the platform to streamline employee applications.

Quantifiable outcome

• 4.5 million employees have access to Salary Finance products through 600+ employer partnerships

Named customers11 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core.

• ExperiancoreTechnology or Integration · 1 January 2022Experian acquired Work Report from Salary Finance in May 2022. Salary Finance continues as a partner, sharing employment and income data with Experian for Work Report verification services. Experian also provides credit reference data for loan affordability assessments.
• Coventry Building SocietycoreTechnology or IntegrationCoventry Building Society provides the underlying savings account for Salary Finance's Save product. Savings accounts are held with Coventry Building Society, are FSCS protected up to £85,000, and offer 2.25% AER variable interest. Coventry Building Society is the data controller for savings account personal data.
• HM Revenue & Customs (HMRC)coreTechnology or IntegrationHMRC processes Help to Save scheme applications and provides eligibility verification for the government's Help to Save savings scheme. Salary Finance acts as intermediary for salary deductions to NS&I Help to Save accounts.
• National Savings & Investments (NS&I)coreTechnology or IntegrationNS&I is the government body responsible for the Help to Save scheme. Help to Save accounts are held with NS&I, which manages the 50% government bonus payments. Salary Finance facilitates salary deductions to NS&I accounts.
• TransUnioncoreTechnology or IntegrationTransUnion provides credit reference data for Salary Finance's automated creditworthiness assessments. Used alongside Experian for comprehensive credit file checks including soft searches for quotations and hard searches for loan acceptance.

Scale indicators3 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Wagestream: UK-based earned wage access and financial wellbeing platform that partners with employers to give employees early access to earned pay and savings tools. Direct competitor in the salary-linked benefits space with overlapping employer distribution and product suite.
• Hastee: UK EWA provider offering on-demand pay access to employees through employer partnerships. Closely comparable to Salary Finance's Advance product with similar B2B2E distribution and employee benefits positioning.
• PayActive (formerly PayActiv): US-based earned wage access and financial wellness platform serving large employers including Walmart. Comparable to Salary Finance's Advance and Learn offerings, with overlapping employer-paid B2B2E model and US employer focus.
• DailyPay: Major US EWA provider partnered with employers across retail, healthcare, and hospitality. Comparable employer-paid distribution model and earned wage access product, competing with Salary Finance as it scales its US business.
• Earnin: US-based EWA app allowing employees to access earned wages before payday. Comparable consumer-facing Advance functionality, though operates direct-to-consumer rather than B2B2E, making Salary Finance's employer channel a meaningful differentiator.
• ZayZoon: Canadian-headquartered EWA and employee financial wellness provider serving SMB and mid-market employers across North America. Comparable salary-linked early pay access product and employer-partnered distribution approach.
• Cushon: UK workplace savings and financial wellbeing platform offering salary-linked pension and savings products via employer partnerships. Comparable employee benefits distribution model and overlapping savings product category.
• Even: US-based on-demand pay and financial wellness app for hourly workers, integrating with employer payroll systems. Comparable EWA functionality and employer-partnered B2B2E model, though focused on lower-wage hourly workforce.

Emerging players

• Mintago: UK employee financial wellbeing platform offering salary advance, savings, and financial education through employer partnerships. Comparable target market and benefits positioning, though smaller scale than Salary Finance.

Broad incumbents

• ClearScore: UK consumer credit marketplace and financial services platform offering free credit scores alongside credit cards, loans, and other products. While broader in scope, it overlaps in consumer credit distribution and is named in Salary Finance's employer partner list, signaling ecosystem adjacency.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/salaryfin
• LinkedInlinkedin.com/company/salaryfinance

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salary Finance