SalaryFits

lendingother lending

FOUNDING YEAR: 2015
LOCATION: United Kingdom
Last Update: 08/09/2020

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About

SalaryFits provides a platform that allows financial institutions to integrate their systems with payroll information of entities, giving access to a new risk assessment tool, as well as the possibility of the deducting the installments directly from one’s salary.

Watch

How SalaryFits is Solving Challenges for the Underbanked

MEDICI Analysis

SalaryFits provides a platform that allows financial institutions to integrate their systems with payroll information of entities, giving access to a new risk assessment tool, as well as the possibility of the deducting the installments directly from one’s salary.

Focus

PRODUCTS & SERVICES

Credit platform for salaried employees

REVENUE MODEL

Regarding the business model, as explained above, our platform allows financial institutions to integrate their systems with payroll information of entities, giving the possibility of deducting the installments directly from one's salary. So, as we aim to provide a sustainable and affordable solution for any individual, we do not charge an upfront fee, just a fee from the transactions/payments actually received by the financial providers. In addition, the solution is free for companies and end consumers.

MAIN CLIENTS

Financial institutions

Businesses

PRIMARY PROBLEM SOLVED

There are currently 2 billion individuals unbanked in the world. Moreover, most of the other ones either have difficulties accessing financial products or pay more than they should for those. One of the main causes of this significant number of un(der)banked people in the world is that financial institutions struggle to offer affordable financial products to those that are not in the high income level group. This happens because of lack or asymmetry of information and high transactions and enforcement/monitoring costs. Hence, knowing the importance to develop solutions to break the affordability and access barrier, SalaryFits committed to promote social and sustainable financial inclusion in different countries across the globe.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

company provided insights

Traction

REVENUE

$10M+

REVENUE COMMENT:

Total turnover of group $25 millions (The European spinoff has just started).

NUMBER OF TRANSACTIONS:

60 K

TRANSACTIONS COMMENT:

Average Number of Transactions (Volume) of last 3 months: 60.000 transactions processed in the international operation. (Brazil) 4.5 million deductions processed monthly, 2.7 million Online Users and Operational Control of over US$ 15 billion

ACTIVE USERS:

2.8 million

ACTIVE USERS COMMENT:

(International) Number of Clients/Paying Customers —> 4 Number. users —> 90k but about to onboard 650000 (Brazil) Number of active users —> 2.8 million Number of Clients/Paying Customers —> Over 200

People

FOUNDERS

Renato Araujo

BOARD MEMBERS AND ADVISORS

Renato Araujo

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Portugal 2020

KEY EMPLOYEES:

Alvaro Amorim

Eduardo Maroso

Moacir Giansante

Gustavo Boletig

Guilherme Mota

Marina Gomes

Delber Lage(CEO)

Momentum

FUNDED

NO

TOTAL FUNDING

$1.38 M

DATE OF LAST FUNDING

Oct 2016

SEED CLOSED ON

Dec 2015

LISTED

NO

Innovation Programs

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SalaryFits

About

SalaryFits provides a platform that allows financial institutions to integrate their systems with payroll information of entities, giving access to a new risk assessment tool, as well as the possibility of the deducting the installments directly from one’s salary.

Watch

How SalaryFits is Solving Challenges for the Underbanked

Focus

PRODUCTS & SERVICES

Credit platform for salaried employees

REVENUE MODEL

Regarding the business model, as explained above, our platform allows financial institutions to integrate their systems with payroll information of entities, giving the possibility of deducting the installments directly from one's salary. So, as we aim to provide a sustainable and affordable solution for any individual, we do not charge an upfront fee, just a fee from the transactions/payments actually received by the financial providers. In addition, the solution is free for companies and end consumers.

TOP PROBLEM SOLVED

There are currently 2 billion individuals unbanked in the world. Moreover, most of the other ones either have difficulties accessing financial products or pay more than they should for those. One of the main causes of this significant number of un(der)banked people in the world is that financial institutions struggle to offer affordable financial products to those that are not in the high income level group. This happens because of lack or asymmetry of information and high transactions and enforcement/monitoring costs. Hence, knowing the importance to develop solutions to break the affordability and access barrier, SalaryFits committed to promote social and sustainable financial inclusion in different countries across the globe.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

KEY DIFFERENTIATORS

Our main edge over the competition is that we are able to leverage from our 15 years of operational success and proven results as a competitive advantage when entering new markets. By utilizing a proven model of leveraging cities as early adopters, while simultaneously pursuing strategic business partners and private sector clients, our payroll deduction model is able to effectively target, infiltrate and improve upon the traditional market. Our solution is already serving 2.8 million users representing 4.5 million transactions per month. Furthermore, we have operational Control of over US$ 17 billion in outstanding balance of Loans within the Platform, and another US$ 5 billion of credit on other products (such as insurance and health care, for example).

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Enterprise - Others

Consumer

Traction

ANNUAL REVENUE:

$10M+

REVENUE COMMENT:

Total turnover of group $25 millions (The European spinoff has just started).

NUMBER OF TRANSACTIONS:

60 K

TRANSACTIONS COMMENT:

Average Number of Transactions (Volume) of last 3 months: 60.000 transactions processed in the international operation. (Brazil) 4.5 million deductions processed monthly, 2.7 million Online Users and Operational Control of over US$ 15 billion

ACTIVE USERS/ACCOUNTS:

2.8 million Million

ACTIVE USERS COMMENT:

(International) Number of Clients/Paying Customers —> 4 Number. users —> 90k but about to onboard 650000 (Brazil) Number of active users —> 2.8 million Number of Clients/Paying Customers —> Over 200

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

We will focus on expanding in the international market. And for internationalization in each of the markets, we will replicate the 'three sides' model used in Brazil, with the advantage of having an efficient management system with an already existing str

CHANNEL STATUS

MULTIPLE CHANNELS

People

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

employee: Delber Lage(CEO)

TEAM COMMENT:

With experiences from legal services to IT, public policies,business development, we have a hard to beat advantage in the competitive market. Our team is composed of inspiring,driven individuals, with decades of experience in the industry,really diversified backgrounds. With such diversity, our knowledge base is what empowers us to succeed in the highly competitive,dynamic market. Furthermore, teamwork is incorporated in our culture, with individual commitments being always driven by a common end. All of these factors, together with our shared passion towards our solution,our objective to address financial inequality, is what makes our team awesome.

INVESTORS:

Portugal 2020

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES