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L&G invests in UK fintech startup SalaryFinance

Legal & General Group Plc is investing in U.K. fintech startup SalaryFinance, subject to regulatory approval.

L&G led a £40 million funding round, in which digital venture builder Blenheim Chalcot also participated.

Founded by the former head of Google in the U.K., Dan Cobley, and former banking executives Ashesh Sarkar and Daniel Shakhani, SalaryFinance lets people consolidate existing debts and take repayments straight from their salaries, City A.M. reported Oct. 4.

The newly acquired funding has allowed SalaryFinance to launch its Financial Wellbeing Hub, a suite for financial education, products and services. Part of the funding will also be used for the company's expansion into the U.S. and other territories.