The USD 25.6 million capital raise by Kashable will fuel its rapid expansion, accelerate the development of additional financial wellness services, and augment the company's ability to extend affordable credit to employees across the credit spectrum. The funding will also allow Kashable to grow its research and development technology team, further refining its innovative underwriting model and enhancing its suite of financial products.
Officials from Kashable said that in a world where financial instability can strike anyone, at any time, Kashable is taking a bold stance: access to credit shouldn't be a privilege, it should be attainable. Kashable's programme provides employers with a free, innovative software solution to equip their employees with inclusive financial wellness offerings.
Kashable's platform meets employee needs while offering employers an additional retention tool. It provides low-cost credit to over 2.5 million employees, aiding in debt repayment with a historically lower APR and average loan size of USD 3,500-USD 4,000. The innovative underwriting model considers real-time group and individual employment data, income stability, and more, with a fully automated decision engine.
As one of the largest providers of employment-based loans in the US, Kashable seamlessly integrates with HRIS and payroll systems, providing immediate access to affordable loans automatically repaid through payroll deductions. Since 2013, the company has extended low-cost credit to hundreds of thousands through partnerships with over 250 employers. Additionally, Kashable promotes financial education by offering free resources like credit monitoring, individual financial coaching, and budgeting tools to employees.
The company’s executives added that they're committed to scaling the product offering and creating a path for more employees to gain access to responsible credit in ways that have not been historically available to working Americans. Their unique underwriting model is holistic, considering a number of factors to increase accessibility. Kashable loans are purpose built to drive employee engagement and to deliver comprehensive financial wellness solutions.
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