Legal & General has co-led a $20m series B round for Salary Finance, a financial wellbeing platform for employees.

UK-based fintech developer Salary Finance has raised $20m in a series B round co-led by financial services firm Legal & General and venture builder Blenheim Chalcot.

Founded in 2015, Salary Finance has developed a platform that integrates with existing payroll management software to help employees manage their personal finances by having savings deposits and loan repayments deducted from their wages.

The company has been focused on the UK so far, where it plans on continuing its expansion, in addition to using the cash injection to expand into the US.

Legal & General previously joined forces with Blenheim Chalcot to invest $52.3m in Salary Finance in October 2017. Salary Finance had already secured $6.1m in 2015 from Brightbridge Ventures, the fintech incubator of Blenheim Chalcot.

Nick Frankland, managing director for fintech at Legal & General, said: “We have been really pleased to continue to support the stellar growth of Salary Finance. It is a terrific example of a big business and a growing business coming together in an economically and socially useful way.

“The business will grow in size by over ten times this year and being awarded Prince Charles’s BITC Responsible Business of the Year 2018 was a real honour. At L&G we work really hard in support of businesses we invest in and believe that our job is to put patient capital in touch with impatient technology, especially when it creates fantastic benefit for consumers.

“The success of Salary Finance is a terrific endorsement of that strategy.”