Financial wellbeing represents one of the most challenging problems facing society today. Well, the London-based startup Symmetrical.ai is here to help, providing ethical financial products in partnership with employers to enable employees to better manage their financial and health outcomes.
Raised biggest funding to date
Recently, the British-Polish fintech startup raised €5.6 million seed funding in a combination of equity and debt. On the equity side, it is led by Global Founders Capital and Partech. Other existing investors including Finch Capital, Market One Capital, and Plug&Play also participated.
Notably, this is the biggest funding received by Symmetrical.ai to date. Back in 2019, the company raised €1.35M funding. With the new funding, the company aims to expand to other European countries, starting with Germany and France.
“We are excited to find partners who will accompany us on this journey to build new, employer-based trust layers for financial markets and have raised €5.6m from them,” claims Daniel Wartołowski, COO and Co-Founder of the company.
Aims to reduce financial stress through all-in-one platform
The fintech startup developed an all-in-one platform that helps employers reduce financial stress for their employees. It is an automated financial coach that connects tools such as salary-on-demand (free access to earned salaries between paydays), zero-interest employee loans, and an automated financial advisor, helping users to make the right financial decisions. Employees can access the platform through a mobile app that easilyconnects with the employer’s IT systems.
“We work as a financial marketplace financed by the employers to eliminate conflicts of interests connected with financial advisory practice and ensure that the data transparency we offer benefits employees as opposed to being used against them,” claims Piotr Smolen, CEO, and Co-Founder of Symmetrical.ai.
Offers unbiased, and free financial advice
Symmetrical.ai’s technology leverages the data which already exists within the Employer’s IT systems (payroll, time & attendance, etc.) to radically improve accessibility and offer fairly priced financial products. The employer’s data can also be merged with employees’ personal data to provide them with timely, unbiased, and free financial advice.
”Our solution is designed to serve mid-to-large organisations in Europe. Currently, they can choose between a couple of specialised providers of cash advances and/or employee credit products that only deliver tools and neither solve real problems of employees nor of HR Departments. We are convinced that we can actually help, not only to improve financial flow, but most importantly to provide valuable and practical financial knowledge,” adds Smolen.
The company has already disbursed more than 15,000 on demand salaries and is available to nearly 70,000 employees, all within just 9 months after the product was launched. “We believe Symmetrical.ai has the ability to change the lives of millions of employees who are mispriced and give them the tools to become mentally and financially better off,” says Aman Ghei, Principal at Finch Capital.
Main image credits: Symmetrical.ai