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Salaryo raises USD 5.8 mln to provide COVID-19 financing relief for SMEs

Friday 11 September 2020 12:02 CET | News

Salaryo, a fintech platform for US freelancers and startups, has raised USD 5.8 million in funding from Variant Investments, Dubai-based private equity fund KEN Investments, Techstars Ventures and Michael Ullmann's investment group.

The majority of the round was funded earlier this year and the company will use the funds to propel the growth of its small business lending activity and to launch new business banking products in 2021.

Salaryo provides fully-digital business term loans and lines of credit for small businesses. During the COVID-19 pandemic, the company accelerated its growth by offering cash flow relief to small businesses in selected business categories.

Salaryo's lending technology features a fully automated experience, featuring KYC (Know Your Client), financial and professional analysis, payment processing and e-signatures, to make a decision in minutes. Once approved, Salaryo sends funds to the business within 24 hours.

 


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Keywords: Salaryo, financing , SMEs, funding
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech






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