Kashable Closes $25.6M Series B Funding to Expand Financial Wellness Solutions for Employees
First-to-Market Software Solution to Integrate with Payroll Systems and Enable Fully-Automated Underwriting
NEW YORK, Jan. 18, 2024 /PRNewswire/ -- Kashable, a fintech platform that provides socially responsible credit and financial wellness solutions as an employer-sponsored voluntary benefit, today announced a Series B capital raise of $25.6 million. The round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.
The investment will fuel Kashable's rapid expansion, accelerate the development of additional financial wellness services and bolster the company's ability to extend affordable credit to employees across the credit spectrum. The funding will also allow Kashable to grow its research and development technology team, further refining its innovative underwriting model and enhancing its suite of financial products.
"In a world where financial instability can strike anyone, at any time, Kashable is taking a bold stance: access to credit shouldn't be a privilege, it should be attainable," said Einat Steklov, co-founder and co-CEO of Kashable. "Kashable's program provides employers with a free, innovative software solution to empower their employees with inclusive financial wellness offerings."
Kashable's platform addresses the needs of employees while offering employers an additional retention vehicle at the same time:
- Access to low-cost credit: Over 2.5 million employees have access to Kashable's low-cost loans. Nearly half of Kashable's customers use the loans to pay down existing debt with a historically lower APR and an average loan size of $3,500-$4,000. The affordable repayment terms offer employees an alternative to borrowing from 401(k)s or other retirement plans.
- Innovative underwriting model that broadens access to credit: Kashable's model considers group and individual employment data, income stability, and other factors in real time. The software's algorithmic decision engine allows for the process to be fully automated.
- Largest provider of employment-based loans in the United States: Kashable integrates seamlessly with employer Human Resource Information System (HRIS) and payroll systems — enabling immediate access to affordable loans that are automatically repaid through payroll deductions. Since its founding in 2013, the company has extended access to low-cost credit to hundreds of thousands of individuals through 250+ employers such as Cigna, Reid Health, Huntington Ingalls, Alight Solutions, and more.
- Promotes financial education: Kashable provides employees with access to free financial education resources including credit monitoring, individual financial coaching, and budgeting tools.
"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. Our unique underwriting model is holistic, considering a number of factors to increase accessibility. Kashable loans are purpose built to drive employee engagement and to deliver comprehensive financial wellness solutions," said Rishi Kumar, co-founder and co-CEO of Kashable.
"Kashable's unique underwriting model and deep integration with payroll systems have enabled the company to broaden access to affordable credit while allowing individual employees to improve their credit scores," said David Golden, Managing Partner at Revolution Ventures. "We look forward to partnering with the Kashable team to accelerate the development of additional financial wellness services."
"Kashable's innovative approach to financial wellness resonates deeply with our commitment to advancing responsible and inclusive fintech solutions" said Meirav Har Noy, Managing Partner and Co-Founder at Moneta Ventures. "We're excited to contribute to the journey of improving the financial well-being of working Americans."
Golden and Har Noy will be joining Kashable's board of directors.
About Kashable
Kashable is a financial technology company that provides Socially Responsible Credit™ and financial wellness solutions for employees offered as an employer-sponsored voluntary benefit. Founded in 2013 and headquartered in New York City, Kashable deploys innovative technology to improve the financial well-being of working America with a commitment to both reliability and affordability. Offering an economical, fast, and responsible alternative for employees who may otherwise be driven to take loans against retirement plans, predatory lenders or high-rate credit cards to bridge short-term gaps in their finance, Kashable focuses on providing a path to financial security for all. For more information, visit kashable.com.
About Revolution Ventures
Revolution Ventures is Revolution's institutionally-backed early stage fund investing in companies around the country that are attacking large, multi-billion dollar categories. Co-founders Steve Case and Investment Partners Tige Savage, David Golden, and Clara Sieg work with companies that meet their disciplined criteria and form true partnerships with founders to help them build market-leading businesses. Revolution Ventures is headquartered in Washington, D.C. and part of Revolution's family of funds including Revolution Growth and the Rise of the Rest Seed Funds. Visit us online at revolution.com/ventures or @Revolution.
About Moneta Venture Capital
Moneta VC is a venture capital firm specializing in Fintech investments in Israel, Europe and the US. The firm was founded by Adoram Gaash and Meirav Har Noy and is backed by strategic and institutional investors. Moneta invests across all stages through its Seed and Revenue stage funds, Moneta Seeds and Moneta Capital, and focuses on companies with large market opportunities who are able to demonstrate strong unit economics and growth. Visit us at www.monetavc.com
About EJF Capital
EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. with offices in London, England and Shanghai, China. As of September 30, 2023, EJF manages approximately $6.3 billion1 across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. To learn more, please visit http://ejfcap.com/ and please read additional Risks and Limitations located here.
1 Firm AUM includes $3.0 billion in CDO assets through affiliates and $186.3 million of uncalled capital.
SOURCE Kashable
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