CYBG today announced that Clydesdale Bank has entered into a joint venture with Salary Finance Limited to add a new channel to CYBG’s personal lending business.
Salary Finance is a finTech platform that connects to the payroll of participating employers to provide financial wellbeing benefits to employees, including salary-deducted savings, and loans, as well as financial education.
Salary Finance will provide the joint venture with all of the services required for its business, including loan origination and management, marketing, cash management and other corporate services.
In a statement, CYBG said: “The joint venture is complementary to CYBG’s existing product plans and will provide an incremental opportunity to develop CYBG’s unsecured loan business within risk appetite.”
David Duffy, Chief Executive of CYBG, said: “We’re delighted to be expanding our lending proposition into new areas through this new Joint Venture with Salary Finance.”
“We have been hugely impressed by the Salary Finance team and the clear social purpose underpinning everything they do and we are delighted to be able to support the growth of this innovative platform.”
“The Joint Venture adds to CYBG’s growing range of partnerships - with over 40 per cent of UK consumers regularly using FinTech services, there is clear value in partnering with innovative new providers like Salary Finance.”