Kashable – a fintech platform that offers socially responsible credit and financial wellness solutions as an employer-sponsored voluntary benefit – recently announced a Series B capital raise of $25.6 million. The funding round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.
This 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. And 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.
Kashable’s platform addresses the needs of employees while also offering employers an additional retention vehicle at the same time:
1.) Access to low-cost credit – Over 2.5 million employees can access 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.
2.) 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 the process to be fully automated.
3.) 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.
4.) Promotes financial education – Kashable provides employees with access to free financial education resources, including credit monitoring, individual financial coaching, and budgeting tools.
KEY QUOTES:
“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. Kashable’s program provides employers with a free, innovative software solution to empower their employees with inclusive financial wellness offerings.”
– Einat Steklov, co-founder and co-CEO of Kashable
“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.”
– 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. We look forward to partnering with the Kashable team to accelerate the development of additional financial wellness services.”
– David Golden, Managing Partner at Revolution Ventures
“Kashable’s innovative approach to financial wellness resonates deeply with our commitment to advancing responsible and inclusive fintech solutions. We’re excited to contribute to the journey of improving the financial well-being of working Americans.”
– Meirav Har Noy, Managing Partner and Co-Founder at Moneta Ventures
Golden and Har Noy will be joining Kashable’s board of directors
