Aslanthe London-based financial wellbeing platform, today announces its oversubscribed €4.7 million seed funding round to launch a suite of rewards features and expand its team.
The round was led by Notion Capital, a leading European software and cloud venture capital investor, alongside Redstone and a diverse roster of angel investors. It was also announced that Notion Managing Partner Stephen Chandler would join the board of directors.
James Gozneyfounder and CEO of Aslan, said: “We are extremely pleased to have the support of such respected Fintech investors as we enter this next phase of growth. This investment is testament to the progress we have made, working with forward-thinking clients across multiple sectors within the UK workforce. But we’re just getting started; Aslan will fundamentally change the way we all get paid and the way companies reward their employees.
Founded in 2022 by James Gozney, Aslan “increases employee compensation, with its engaging and practical financial wellness solution“. Through the mobile app and rewards card, employees receive instant cash back on every purchase. As well as choosing when and how to get paid, budgeting tools and financial education.
In their own words, “Aslan exists to push employee compensation further.”
According to Aslan, employee compensation is the single largest expense for most businesses, costing employers €1.1 trillion in the UK alone. Much like the higher wage charges introduced in the UK’s Autumn Budget this spring, many will implement their annual pay rises. Most people will now find that putting an extra €118.26 into an employee’s bank account will cost the company €236 or more.
Further data provided by Aslan shows that 30% of the UK population faces overdrafts every month, while the average household now owes more than €2,955 on their credit cards. According to Aslan, employees using Aslan can avoid using overdrafts and credit cards, and save the 25-40% interest they charge.
Since its launch in April last year, Aslan has onboarded clients in a variety of industries from financial services to luxury goods, and achieved strong employee buy-in. The average salary of an Aslan user is around €59,000 per year, with a significant proportion earning more than €118,000.
This recent funding will allow Aslan to:
- Launching a suite of budgeting, financial education and rewards features designed to improve the user experience and drive even higher employee engagement.
- Invest in top product, engineering and customer success talent to support the company’s ambitious growth plans
- Transform how employers approach workforce engagement and financial well-being
Stephen Chandlermanaging partner at Notion Capital, said: “We are delighted to lead this investment round in Aslan and support its ambitious and passionate team. Aslan brings significant innovation to the market, enabling flexible compensation and rewards for employees. It offers game-changing benefits to both employers and their staff, and we are excited about its next stage of growth.