Salaryo, a U.S.-based fintech platform for freelancers and startups, announced on Wednesday it raised $5.5 million in new funding from Ruby Ventures and Michael Ullmann’s investment group, bringing the total funding to $6.3 million. Founded in 2017, the company provides security deposit financing for new coworking office members and a flexible credit line for existing shared office tenants.
“Whether you’re a freelancer looking to grow or a startup company ready to scale, we help you skip an unnecessary initial expenditure. By waiving or redeeming your deposit, set these locked funds free, so you can pour them back into your business.”
Salaryo also noted that since its launch it has provided hundreds of entrepreneurs and freelancers with access to shared workspaces including WeWork, Industrious, Office Evolution, The Yard and others. Speaking about the latest round of funding, Yair Levy CEO and Co-Founder of Salaryo, stated:
“Salaryo’s latest round of funding is a vote of confidence for the shared workspace industry and will enable us to remove the biggest concern for our customers – cash flow – so that they can focus on growing their business. Our goal is to support freelancers and entrepreneurs in taking their first steps by helping them afford an office space. The benefits of shared workspaces make access to them a fundamental way for people to do their best work. Even if a business is already settled in a coworking space, Salaryo will foster its growth by providing affordable and flexible credit on-demand.”
Ilan Rubinstein of Ruby Ventures went on to add:
“The innovative and dynamic Salaryo leadership team was quick to identify changes in the commercial real estate market. We are very pleased to join forces with them, as we see the potential for this category to become a new asset class.”