Kashable

Overview

Kashable is a financial technology company headquartered in New York, New York, specializing in providing socially responsible credit and financial wellness solutions as an employer-sponsored benefit. The company was founded in 2013 by Einat Steklov and Rishi Kumar. Kashable's unique model leverages employer payroll systems to offer low-cost loans with automatic payroll deductions. As of 2024, Kashable raised $25.6 million in a Series B funding round, co-led by Revolution Ventures and Moneta Ventures.

Recent Developments

September 30, 2024: Medallion Bank, a prominent FDIC-insured bank, announced a strategic partnership with Kashable to enhance its consumer finance services. This collaboration aims to expand Kashable's access to affordable loans and improve the financial well-being of working Americans.
January 18, 2024: Kashable raised $25.6 million in a Series B funding round, indicative of strong investor confidence and a commitment to expanding financial wellness solutions. The funding was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.
January 2024: Kashable's innovative financial platform attracted significant attention in fintech funding, highlighting its role in the burgeoning financial wellness industry. The newly raised funds are earmarked for expansion and the enhancement of financial products through research and development.
Kashable continues to integrate with major HRIS and payroll systems to provide immediate access to loans for over 2.5 million employees across the U.S., including well-known employers like Cigna and Reid Health.
As part of its financial education commitment, Kashable offers its employees credit monitoring, budgeting tools, and financial coaching at no additional cost.

Attribute	Information
Founding Date	2013
Headquarters	New York, New York, USA
Founders	Einat Steklov, Rishi Kumar
Revenue	$11.3 million (2024)
Key Investors	Revolution Ventures, Moneta Ventures, EJF Capital, Krillion Ventures
Industry	Financial Services, Fintech
Number of Employees	63

Early History

Founded in 2013 by Einat Steklov and Rishi Kumar, Kashable emerged from the realization that traditional lending practices did not suffice for many workers in America who needed accessible financial services. Both co-founders encountered challenges acclimating to the U.S. financial system, eventually leading to the development of Kashable, which focused on serving employees by providing equitable access to credit through employer partnerships. Over the years, the company refined its business model, integrating innovative technology and unique underwriting processes to determine credit eligibility based on employment data rather than solely traditional credit scores.

Company Profile and Achievements

Kashable operates as a financial wellness service that enables businesses to offer low-cost credit to their employees, thereby enhancing employee benefits without additional costs to the employers. The business model involves seamless integration with payroll systems to ensure automatic repayment of loans, reducing the risk of default. The company prioritizes both financial security and educational growth among American workers. With numerous patents, Kashable distinguishes itself by focusing on fostering financial wellness and reducing the dependency on high-interest credit sources like credit cards. Notable achievements for the company include partnerships with over 250 prominent employers, the origination of over 300,000 loans, and a growing authoritative presence in the financial wellness space.

Current Operations and Market Position

Currently, Kashable stands as a leader in the fintech sector by continuously reinventing its offerings in the financial wellness domain. The company's market strategy features a robust underwriting mechanism that considers employment metrics alongside traditional credit evaluations. Kashable's impact extends across multiple industries through its collaborations with large employers, making it a key player in employee loan offerings across the U.S. The series of strategic investments and focus on research and development have placed Kashable on a path for further expansion and increased market penetration.

Conclusion

Kashable has carved out a significant niche in the financial technology landscape, offering a unique combination of socially responsible lending and financial wellness programs. Through strategic partnerships and funding, Kashable is poised for substantial growth and innovation, further enhancing its financial education resources and integration with payroll systems. The company's focus on holistic financial solutions aligns with the increasing demand for employee-centric benefits. Looking ahead, Kashable seems well-positioned to continue transforming workers' access to financially beneficial products, potentially setting industry trends in financial wellness.