One of Britain's biggest workplace lenders has secured a £300m credit line backed by the Wall Street behemoth JP Morgan as it seeks to add to a roster of clients that includes Tesco and Tesla.
The agreement takes the total amount of debt funding for loans raised by Salary Finance to about £800m since its launch in 2015. Salary Finance offers a range of payroll-deducted loans to the employees of its clients, which include 20% of the FTSE-100 and a total of more than 4.5 million workers.The fintech believes it is well-positioned to grow strongly because the cost-of-living crisis has strengthened companies' focus on employees' financial wellbeing.
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