Salaryo, a fintech platform 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.
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.