Fintech platform company Salaryo has announced it has raised $5.5 million in new funding led by Ruby Ventures and Michael Ullman’s investment group.
Salaryo offers security deposit financing for new coworking space members and a flexible credit line for existing tenants. Users’ identity, lease, financial and professional information are analyzed and once a decision has been made, Salaryo sends funds to the workspace, allowing the tenant to move in within just 24 hours.
It has successfully connected hundreds of entrepreneurs and freelancers to various shared workspaces, including big brand names like WeWork and Industrious.
The new funding round brings the company’s total funding to $6.3 million, which it plans to use to scale its first-to-market digital lending service for entrepreneurs and freelancers to over 500 coworking spaces across 20 new cities.
“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.”