Salaryo, a pioneering fintech platform for U.S. freelancers and startups, announced it has raised a total of $5.8 million in funding from Variant Investments, Dubai-based private equity fund KEN Investments, Techstars Ventures and Michael Ullmann’s investment group, bringing its total funding to $12 million. The majority of the round was funded earlier this year and the company will use the funds to propel the growth of its small business lending activity and to launch new business banking products in 2021.
“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 materialization 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.”
The company will use the funds to accelerate the growth of its small business lending activity and to launch new business banking products in 2021.
Read more: Salaryo Raises $5.8M in Funding