Salaryo, a U.S.-based fintech platform for freelancers and startups, announced on Wednesday it raised $5.8 million through its latest investment round, which was led by Variant Investments, Dubai-based private equity fund KEN Investments, Techstars Ventures, and Michael Ullmann’s investment group, bringing its total funding to $12 million. This latest investment round comes just a little over a year after Salaryo secured $5.5 million from Ruby Ventures and Michael Ullmann’s investment group
As previously reported, Salaryo was founded in 2017 and 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 further explained 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. Yair Levy CEO and Co-Founder of Salaryo, stated that the investment round propels the company’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.
“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.”
Since early March 2020, Salaryo has processed more than $60 million in loan applications using its platform, offering relief to hundreds of U.S small business owners.