CLYDESDALE Bank has completed its joint venture with fintech company Salary Finance and declared the deal will boost its personal loan business.
The platform developed by Salary Finance connects to the payroll of participating employers to provide services to staff, such as salary-deducted savings and loans, and financial education.
The joint venture will see Clydesdale owner CYBG fund the loans product line, providing an opportinity to grow its unsecured loan book, while Salary Finance will provide services such as loan origination, marketing and cash management.
David Duffy, chief executive of CYBG, said: “We’re delighted to be expanding our lending proposition into a new area through this new joint venture with Salary Finance. We have been hugely impressed by the Salary Finance team and the clear social purpose underpinning everything they do and we are delighted to be able to support the growth of this innovative platform.
“The joint venture adds to CYBG’s growing range of fintech partnerships – with over 40 per cent of UK consumers regularly using fintech services, there is clear value in partnering with innovative new providers like Salary Finance.”
Salary Finance chief executive Asesh Sarkar said: “We are on a mission to make the lives of millions of employees around the world financially healthier and happier. Our flagship salary deducted loans product is a core part of our broader financial wellbeing platform and the funding joint venture with CYBG will enable us to continue to scale the product over the coming years."
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