Fintech platform Kashable has raised $25.6 million in a Series B funding round led by Revolution Ventures and Moneta Ventures. The company offers credit and financial wellness solutions as an employer-sponsored benefit.
Kashable aims to provide employees with an alternative to borrowing from retirement plans or high-rate credit cards. Through partnerships with over 250 employers, including Cigna and Alight Solutions, Kashable has extended access to low-cost credit to hundreds of thousands of individuals. Kashable’s underwriting model considers various factors, such as group and individual employment data, income stability and more, to broaden access to credit.
The company also provides employees with access to free financial education resources, including credit monitoring, financial coaching and budgeting tools. Additionally, the platform integrates with employer payroll systems, allowing employees to immediately access loans that are then automatically repaid through payroll deductions.
The Series B investment will support the company’s expansion and the development of additional financial wellness services. Kashable will also invest in growing its R&D team to further refine its underwriting model and enhance its financial product offerings.
