US fintech Kashable raises $25.6m Series B funding
Employee financial wellness fintech Kashable has secured $25.6 million in a Series B funding round.
Kashable raises $25.6m Series B funding
Led by Californian venture capital firms Revolution Ventures and Moneta Ventures, the round also saw participation from EJF Capital and Krillion Ventures.
As part of the investment, Revolution Ventures managing partner David Golden and Moneta Ventures managing partner Meirav Har Noy are also set to join Kashable’s board of directors.
New York-headquartered Kashable specialises in providing “socially responsible credit” as a voluntary benefit to employers and their staff. Its platform can be connected directly to a company’s payroll system to enable employers to issue credit based on the employee’s employment and income data, while the loan is paid back through payroll deductions.
The fintech says it will use its latest round of funding to develop additional financial wellness services by expanding its research and development technology team, with the aim of tapping the wider credit spectrum and refining its underwriting model.
“We’re committed to scaling the product offering and creating a path for more employees to gain access to responsible credit in ways that have not been historically available to working Americans,” comments Rishi Kumar, co-founder and co-CEO of Kashable.
Kumar goes on to describe the fintech’s underwriting model as “holistic”, supporting a variety of decisioning factors to increase credit accessibility and drive employee engagement and retention.
Since its inception in 2013, the platform claims to have connected over 2.5 million employees to “low-cost” loans, with the average size of loan being between $3,500 and $4,000.
