visimoney
TLDR:
Fintech platform Kashable has raised $25.6 million in a Series B capital raise. The platform offers credit to employees through a company’s payroll system, providing immediate access to loans that are automatically repaid through salary deductions. Kashable integrates with employer HR and payroll systems and also offers free financial education resources to employees. The company has extended access to credit to hundreds of thousands of individuals through 250+ employers.
Key Points:
- Fintech platform Kashable has raised $25.6 million in a Series B capital raise.
- Kashable offers credit to employees through a company’s payroll system.
- The platform integrates with employer HR and payroll systems, providing immediate access to loans that are automatically repaid through salary deductions.
- Kashable also offers employees free financial education resources including credit monitoring, financial coaching, and budgeting tools.
- Since its founding in 2013, Kashable has extended access to credit to hundreds of thousands of individuals through 250+ employers.
Fintech platform Kashable has secured $25.6 million in a Series B capital raise. The platform provides credit to employees through a company’s payroll system, allowing for immediate access to loans that are automatically repaid through salary deductions. Kashable integrates with employer Human Resource Information System and payroll systems to make the loan process seamless for employees. Additionally, the company offers free financial education resources to employees, including credit monitoring, individual financial coaching, and budgeting tools.
Since its founding in 2013, Kashable has extended access to credit to hundreds of thousands of individuals through partnerships with more than 250 employers. Some of the companies that offer Kashable’s credit services to their employees include Cigna, Reid Health, Huntington Ingalls, and Alight Solutions.
The Series B funding round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures. Kashable plans to use the funding to further expand its offering and reach to more employees and employers. According to Einat Steklov, co-founder and co-CEO of Kashable, the company aims to provide access to credit as a means of financial stability for all individuals, regardless of their financial situation.
Kashable’s platform fills a gap in the market by providing inclusive financial wellness offerings to employees, giving them the tools and resources they need to improve their financial health. With immediate access to credit and educational resources, employees can make informed financial decisions and manage their money more effectively.
The success of Kashable’s fundraising round highlights the growing demand for fintech solutions that cater to the needs of employees. By integrating with existing payroll systems, Kashable streamlines the loan process and eliminates the need for employees to rely on traditional financial institutions for credit. This not only benefits employees by providing easier access to credit but also benefits employers by promoting financial wellness among their workforce.
