NEW YORK, Aug. 28, 2019 /PRNewswire/ -- Salaryo, a
pioneering fintech platform for U.S. freelancers and startups,
today announced it has raised $5.5
million in new funding from Ruby Ventures and Michael Ullmann's investment group, bringing the
total funding to $6.3 million. The
company plans to use the funds to scale its first-to-market digital
lending service for entrepreneurs and freelancers to over 500
coworking office locations across 20 new cities including
Washington DC, Austin and Denver.
Salaryo provides security deposit financing for new coworking
office members and a flexible credit line for existing shared
office tenants. Since launching its offering in 2018 in
New York City, the company has
successfully provided hundreds of entrepreneurs and freelancers
with easier access to shared workspaces including WeWork,
Industrious, Office Evolution, The Yard and others. Salaryo's
service provides cash relief for tenants, which helps flexible
workspace operators boost membership sign ups and retention while
reducing back-office bottlenecks from processing payments.
"Salaryo's latest round of funding is a vote of confidence for
the shared workspace industry and will enable us to remove the
biggest concern for our customers - cash flow - so that they can
focus on growing their business," said Yair Levy CEO and
co-founder of Salaryo. "Our goal is to support freelancers and
entrepreneurs in taking their first steps by helping them afford an
office space. The benefits of shared workspaces make access to them
a fundamental way for people to do their best work. Even if a
business is already settled in a coworking space, Salaryo will
foster its growth by providing affordable and flexible credit
on-demand."
The Salaryo platform is the first digital lending option
specializing in the coworking office sector. It features an
automated experience that analyzes a tenant's identity, lease,
financial and professional information to make a decision in
minutes. Once approved, Salaryo sends funds to the workspace and
the tenant can move in within 24 hours.
"The innovative and dynamic Salaryo leadership team was quick to
identify changes in the commercial real estate market," said
Ilan Rubinstein of Ruby Ventures.
"We are very pleased to join forces with them, as we see the
potential for this category to become a new asset class."
The flexible office sector is experiencing double-digit annual
growth and increased interest from large institutional investors,
with WeWork's IPO and two new funding rounds from competitors
Knotel and Industrious announced in the last week. For years,
WeWork and other leading flexible workspace providers have been
toying with the idea of offering their tenants exclusive financial
services. In the meantime, Salaryo has perfected this concept and
is ready to scale its platform nationwide.
"The growing number of freelancers and small businesses requires
new way of thinking in financial services," said Michael Ullmann. "By financially supporting
these entrepreneurs early on, Salaryo is well positioned to offer
them additional financial services as they grow."
This new financing round is composed of both debt and equity
financing reaching a total of $5.5
million. Canadian real estate and technology investment firm
Ruby Ventures provided the debt financing, while Michael Ullmann's investment group supplied the
equity.
About Salaryo
Salaryo is a fintech startup that
provides financial flexibility to freelancers and entrepreneurs.
Founded in 2017, the company provides security deposit financing
and a flexible credit line to help small businesses gain easier
access to office spaces. Since launching its offering in 2018 in
New York City, the company has
helped hundreds of entrepreneurs and freelancers, and its financing
services is now supports tenants of 30 flexible workspace
providers, including: WeWork, Industrious, Office Evolution and The
Yard, spread across 500 locations in more than 20 cities in the US.
Headquartered in New York City
with an R&D center in Tel
Aviv, Salaryo graduated from the Barclays Techstars fintech
accelerator in 2017.
About Ruby Ventures
Ruby Ventures is a diversified
investment company owned and managed by the Rubinstein family of
Canada and Israel. The family is a founding partner in
the well known and highly regarded Toronto-based real estate firm of H&R
Developments. While boasting a variety of investments, Ruby
Ventures mainly focuses on innovative real estate and
groundbreaking technology. It is primarily within these
industries that Ruby Ventures leverages its extensive experience
and a network of contacts to identify and participate in
exceptional investment opportunities.
About Michael
Ullmann
Michael Ullman
is a serial entrepreneur and venture capital investor. He has
invested in and been a stakeholder in more than 50 companies. He is
the founding chairman of Prodigy Finance, a fintech platform which
focuses on financing international MBA students.
Contact:
Lisette Paras
Gravitate PR
lisette@gravitatepr.com
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SOURCE Salaryo