A workplace lender which counts the FTSE 100 companies Experian and Legal & General among its shareholders has secured a £460m financing war chest as it seeks to roll out its products to millions more British employees.
Sky News understands that Salary Finance will announce on Thursday that it has lined up the expanded debt facility from JP Morgan and funds managed by Blue Owl Capital.
Based in London, Salary Finance advances employees' wages to them, and believes the continued pressure on household budgets means demand for its services will grow in the coming years.
Money latest: Nationwide reveals expansion of mortgages worth six times salary
The company was founded in 2015 and has raised substantial equity funding from L&G, Experian and Blenheim Chalcot, a prominent builder of new companies.
Salary Finance says its client base includes 20% of the FTSE 100, 30% of NHS Trusts and eight of Britain's 10 largest retailers.
"Our mission is to help millions of employees become financially healthier and happier," said Asesh Sarkar, Salary Finance's co-founder and chief executive.
"This £460m in funding allows us to meet the increasing demand for responsible credit.
"By providing a financial safety net that integrates loans, savings, advances, and education, we are helping employees move from the cycle of debt to long-term resilience."
Read more from Sky News:
Inside the new breed of 'zero bills' homes
Microsoft clicks on F1 grid with new Mercedes deal
Reeves: UK will not be 'buffeted around' by Trump tariffs
The revised debt facility represents a roughly 50% upsizing from its previous level, and comes 18 months after Salary Finance explored a merger with Oakbrook, a tech-enabled lending platform.
Salary Finance said its expansion was strategically aligned with the Treasury's financial inclusion strategy, published in November, by offering a regulated, low-cost alternative to high-interest debt.
(c) Sky News 2026: L&G-backed Salary Finance banks on £460m debt war chest
HSBC chair Nelson among bosses joining Starmer on China visit
Trump suffers Supreme Court setback in bid to fire Fed governor
Black Sheep brewery owner set for rescue by rival Saltaire
Inflation ticks up for first time in 5 months to 3.4%, ONS figures show
The truth on whether you need to let your car warm up before driving | Money newsletter
US group Metagenics has healthy appetite for probiotics maker Symprove
Why is Ryanair fighting with Elon Musk?
Uncertain future for 33 Russell & Bromley shops after Next buys shoe chain
