Freelance and startup-focused FinTech Salaryo has bagged $5.8m in a funding round and announce plans to grow into a full digital business banking service.
Varian Investments, KEN Investments, Techstars Ventures and Micael Ullmann’s investment group all participated in the raise, which brings the total injected into the company since Salaryo’s launch to $12m.
It closed a $5.5m funding round in August 2019.
Salaryo will use the new cash injection to fuel its small business lending activity and to launch new business banking products in 2021.
During the pandemic, the startup has noted a growing demand for its digital business term loans and lines of credit for businesses.
“This investment round propels Salaryo’s evolution from a niche player into a FinTech banking partner for small businesses, at a time that small business owners need us the most,” said Yair Levy, CEO and co-founder of Salaryo.
“This year we have expanded our offering with business term loans, providing cash flow flexibility and relief during Covid-19. Our next big step in the materialisation of our vision to be the Bank of the Future of Work is planned for next year, when we launch a suite of digital banking products that are designed for cash flow volatility and income uncertainty.”
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