Over the past decade, plenty of highly innovative startups have come into existence, which provides services to a wide range of industries and has created enormous value for its customers. One of those is the Fintech startup Salaryo Inc, which provides specific services to startups and freelancers. The Fintech company is involved in lending money digitally to startups as well as freelancers, who work at a range of coworking spaces spread over as many as 20 cities in the United States. The company provides freelancers and startups with the security deposit money for new coworking spaces and also provides a flexible credit line for other purposes.
The business has grown rapidly, and now the company wants to expand its service. In a new development, the Salaryo has managed to raise $5.5 million from the investment outfit led by Michael Ullmann and Ruby Ventures. The company wants to use these funds in order to expand its services to as many as 500 coworking locations which are going to be spread across 20 cities in the United States. Some of the cities in which the company wants to enter are Austin, Washington DC, and Denver among others. It is a highly ambitious move and one that could propel the company into the big time fairly and quickly.
The latest funding round is a clear indication that investors have a belief that the company’s business model is scalable and could go on to become a viable business in the future. The co-founder and Chief Executive Officer of Salaryo, Yair Levy said as much. He said,
Salaryo’s latest round of funding is a vote of confidence for the shared workspace industry and will enable us to remove the biggest concern for our customers – cash flow – so that they can focus on growing their business.
At the end of the day, the best way for a startup to grow and unlock more value for its investors is by growing quickly. That is the way that some of the biggest startups in the world like Uber and Airbnb have grown into multibillion-dollar businesses. A representative of Ruby Ventures spoke about the rationale behind the investment. He said,
The innovative and dynamic Salaryo leadership team was quick to identify changes in the commercial real estate market. We are very pleased to join forces with them, as we see the potential for this category to become a new asset class.