Social purpose FinTech Salad Money will serve rocketing demand for affordable credit from NHS and public sector workers thanks to a new senior debt facility of up to £40m with a US-based credit fund

In Brief:

Salad Money is a community development finance institution (CDFI) which offers small-sum loans to key workers in the public sector and NHS and uses Open Banking and machine learning to assess affordability, so applicants aren't penalised or unfairly excluded for having an impaired credit score

Salad Money will use the new finance facility, which complements arrangements with existing funders, to meet growing demand for affordable credit

This means more key workers among the UK’s millions under-served by mainstream credit providers will be able to avoid high-cost and payday loans or even loan sharks

What does this mean?

Phillip Hyett, CFO of Salad Money, said: “This new, committed facility brings our total senior debt funding to £50m and with it, the financial firepower to help more NHS and public sector workers avoid high-cost credit. We see first-hand that demand for fair and affordable finance is increasing rapidly and we are delighted to lead the way in helping address this need.”