TLDR:
- Kashable, a fintech platform that provides credit and financial wellness solutions, has raised $25.6 million in Series B funding.
- The funding round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.
- Kashable plans to use the funds to expand its services, develop financial wellness programs, and grow its technology team.
Kashable, a New York City-based fintech platform, has raised $25.6 million in Series B funding. The round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures. David Golden, Managing Partner at Revolution Ventures, and Meirav Har Noy, Managing Partner and Co-Founder at Moneta Ventures, will be joining Kashable’s board of directors.
Founded in 2013, Kashable provides socially responsible credit and financial wellness solutions for employees offered as an employer-sponsored voluntary benefit. The company uses technology to improve the financial well-being of working Americans with a commitment to reliability and affordability. The platform integrates with employers’ Human Resource Information System (HRIS) and payroll systems, enabling employees to access affordable loans that are automatically repaid through payroll deductions.
Kashable’s loans are used by nearly half of its customers to pay down existing debt, with a historically lower Annual Percentage Rate (APR) and an average loan size of $3,500-$4,000. Since its founding, the company has extended access to low-cost credit to hundreds of thousands of individuals through over 250 employers, including Cigna, Reid Health, Huntington Ingalls, and Alight Solutions.
The new funding will allow Kashable to accelerate expansion, develop additional financial wellness services, bolster its ability to provide affordable credit to employees across the credit spectrum, and grow its research and development technology team.
The financial wellness industry has been growing rapidly as employers increasingly recognize the importance of helping their employees improve their financial health. Kashable’s focus on socially responsible credit and financial wellness solutions positions it well in this market, and the new funding will likely support the company’s efforts to continue expanding and providing valuable services to employees.
