Fintech startup Kashable scores $25.6M in funding to boost employee financial wellness – TechStartups

Financial well-being is becoming a major concern for businesses, as financially stressed employees are more likely to be stressed, unproductive, and absent from work. Recognizing this issue, one fintech startup has made its mission to equip employees with tools and resources to enhance their financial health.

Enter Kashable, a New York City-based startup that provides socially responsible credit and financial wellness solutions as an employer-sponsored voluntary benefit. The startup provides an affordable, quick, and responsible alternative for employees facing short-term financial gaps, aiming to prevent them from resorting to loans against retirement plans, predatory lenders, or high-rate credit cards.

Today, Kashable announced it has secured a $25.6 million Series B funding round to expand its financial wellness solutions. Revolution Ventures and Moneta Ventures co-led the round, with participation from EJF Capital and Krillion Ventures. This funding underscores the growing interest in financial wellness solutions, highlighting Kashable’s strategic position to capitalize on the increasing recognition of the importance of employee financial health.

Kashable will also use the fresh capital infusion to accelerate the development of additional financial wellness services. The company also plans to strengthen its ability to provide affordable credit to employees across the credit spectrum. The funding will support the growth of Kashable’s research and development technology team, refining its innovative underwriting model and enhancing its suite of financial products.

Founded in 2013 by co-CEOs Einat Steklov and Rishi Kumar, Kashable leverages innovative technology to enhance the financial well-being of working Americans while maintaining a commitment to reliability and affordability. Steklov emphasized Kashable’s stance that access to credit should be attainable for everyone, not just a privilege. The company provides employers with a free, innovative software solution to empower their employees with inclusive financial wellness offerings.

“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,” Steklov said.

Kashable’s products include financial education, budgeting tools, and small loan access. The company’s goal is to help employees improve their financial health, which can lead to increased productivity and reduced absenteeism.

“We are excited to partner with Owl Ventures and our existing investors to continue our mission of helping employees achieve financial security,” said Kumar. “This funding will allow us to reach more businesses and make a positive impact on the lives of millions of employees.”

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• Source: https://techstartups.com/2024/01/18/fintech-startup-kashable-scores-25-6m-in-funding-to-boost-employee-financial-wellness/