CYBG agrees £400 million deal to fund loans through Salary Finance

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CYBG agrees £400 million deal to fund loans through Salary Finance

CYBG agrees £400 million deal to fund loans through Salary Finance of personal loans

  • CYBG plc is a holding company that owns Clydesdale Bank, Yorkshire Bank and the app-based bank B in the United Kingdom
  • Salary Finance’s platform connects to the payroll of participating employers to offer salary-deducted savings, loans and pay advances, as well as financial education
  • Salary Finance has an existing banking relationship with CYBG as an SME customer with a revolving credit facility funding line
  • CYBG  has significantly invested in its digital platform, iB, as part of a £350 million investment programme for open API capabilities
  • David Duffy, chief executive of CYBG, says: “Fintech is revolutionizing how the financial sector works – 42% of people in the UK uses the services of at least one fintech firm
  • Asesh Sarkar, chief executive of Salary Finance, adds: “Our flagship salary deduct loan product is a core part of our broader financial well being platform and the funding joint venture with CYBG will enable to continue to scale the product over the coming years”