Salary Finance honored for achievements in financial wellbeing benefits for employers, including responsible, salary-linked lending
NEW YORK--(BUSINESS WIRE)--#education--CB Insights today named Salary Finance to the third annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology.
“We're proud to, once again, recognize the 250 best private fintech companies globally. This year's Fintech 250 represents 25 countries and spans 19 categories -- reimagining everything from retail banking and crypto, to insurance and asset management,” said CB Insights CEO Anand Sanwal. “The previous Fintech 250 class raised more than $22 billion in investor financing and saw more than 20 exits after being recognized, and we expect this year's class will have similar success as they continue to transform how people and businesses spend, save, borrow, and invest their money.”
“It has never been more important for Fintech to rise to the occasion and help those in need. We are so proud of how Salary Finance has helped during this global health and economic crisis. According to our survey results, at least six out of 10 workers globally are experiencing financial stress since the beginning of the COVID-19 pandemic,” said Asesh Sarkar, CEO, Salary Finance. “The work we are doing, providing free salary-linked benefits for companies to provide to their workers, is returning financial empowerment back to people. We are honored to be recognized by CB Insights and remain determined to help millions of workers get out of debt and into savings.”
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of 16,000 companies, including applicants and nominees, based on several factors. These factors include patent activity, investor quality, news sentiment analysis, proprietary Mosaic scores, market potential, partnerships, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum.
Salary Finance provides free salary-linked benefits to more than three million employees at 500 leading employers in the US and the UK, providing financial resilience through education, resources and affordable access to capital, savings and insurance. The company completed its acquisition of Neyber earlier this year, making it the largest financial wellness platform in the UK. In addition to being recognized by CB Insights, Salary Finance was recognized as Business in the Community's Responsible Business of the Year in 2018, the 2019 Workplace Savings & Benefits Initiative of the Year and Benefits Innovation of the Year, and the 2019 Best Fintech Lender at the Lending Awards.
2020 Fintech 250 Highlights:
Unicorns: 32 of the 250 companies are valued at or above $1B as of their latest funding round
Funding trends: YTD, these 250 private companies have raised $10.3B in equity funding across 120 deals (as of 8/26/20)
Mega-rounds: Since 2019, there have been 87 mega-round ($100M+) equity investments to this year’s Fintech 250, with 35 of them in 2020 YTD (as of 8/25/20)
- Global representation: 46% of the 2020 Fintech 250 are based outside the US. After the US, the UK is home to the most Fintech 250 companies (38), followed by India (20)
To see the full Fintech 250 list, visit www.cbinsights.com/research/report/fintech-250-startups-most-promising/.
About CB Insights
At CB Insights, we believe the most complex strategic business questions are best answered with facts. We are a machine intelligence company that synthesizes, analyzes and visualizes millions of documents to give our clients fast, fact-based insights. Serving the majority of the Fortune 100, we give companies the power to make better decisions, take control of their own future, and capitalize on change.
About Salary Finance
Founded in 2015, Salary Finance is an award-winning organization that partners with employers to offer financial wellness solutions that help employees improve their lives by improving their finances. A company underpinned by a social purpose, we're driven by an ambitious mission in the US: to help 10 million Americans out of debt and into savings. Salary Finance is a United Way Worldwide corporate partner and works with over 500 of the world's leading employers. To learn more, please visit www.salaryfinance.com/us. Salary Finance branded loans are offered by Axos Bank®, Member FDIC.
Keith Swiader, PR Manager
Public Relations, Salary Finance