SalaryFits has raised €1.25m in its first round of funding from Portugal 2020.
The company is headquartered in Brazil but is a part of London accelerator Level 39.
SalaryFits’ platform allows financial institutions to integrate their systems with the payroll information of clients.
This enables clients to repay loan instalments through salary deductions with lower interest rates regardless of credit history.
Portugal 2020 is a public funding agency formed through a partnership between Portugal and the European Commission.
SalaryFits UK’s CEO Delber Lage said, “We are confident on the potential of the solution for promoting financial health and inclusion in Europe.
“Having the support of an initiative such as Portugal 2020 is something relevant, and attests the commitment of the whole team with our aim to contribute to the improvement of the financial landscape within the next years.”
The company claims it will use the capital to promote social inclusion, employment and sustainability in the financial consumer market.
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