In this episode of the WorkTech Podcast, host George LaRocque sits down with Einat Steklov, co-founder and co-CEO of Kashable, to discuss their monumental $60 million Series C funding round led by the Goldman Sachs Impact Fund. At a time when middle-market funding has been scarce, this deal stands out not only for its size but for the powerful validation it provides for the financial wellness category.
The "Action" Gap in Financial Wellness
For years, employer-sponsored financial wellness was limited to advice and education. However, as Einat explains, "advice alone is just not enough" when 78% of Americans are living paycheck to paycheck. Kashable bridges this gap by combining expert financial coaching and credit monitoring with Socially Responsible Credit®, low-cost loans that serve as a lifeline for employees facing unexpected expenses like car repairs or medical bills.
How It Works: The Employer Advantage
Kashable’s unique model leverages the employer relationship to offer credit to those often shut out of traditional banking. By utilizing employment data for underwriting and payroll-linked repayment, Kashable can say "yes" more often while maintaining a resilient business model. This system creates a "win-win-win":
For Employees: Access to credit that helps build or repair their credit scores—often by 45–50 points.
For Employers: A reduction in 401(k) loan withdrawals (up to 30% in some cases) and improved employee retention and focus.
For HR Teams: A seamless, tech-driven implementation that integrates with major HCM and payroll platforms like Workday and Business Solver.
A Mission Validated by Goldman Sachs
The partnership with Goldman Sachs’ Impact Fund brings with it a commitment to measurable social impact. Einat details how the $60M capital injection will be used to scale Kashable's reach from the 5 million lives currently covered to the 100 million+ American workers who still need these essential financial tools.
Whether you are a CHRO looking to bolster your voluntary benefits package or a fintech enthusiast interested in impact investing, this conversation provides a blueprint for how technology can foster a more inclusive and resilient financial system.
Key Takeaways
Validation of the Category: A Series C led by Goldman Sachs signifies that financial wellness is no longer a "nice-to-have" but a durable, institution-grade business model.
Moving Beyond Advice: Effective financial wellness requires an "action plan" that includes tangible tools, such as affordable credit, alongside education.
The Power of Payroll: Using payroll integration for repayment provides the certainty needed to offer better terms than the open market, directly helping employees build credit files.
Protecting Retirement Savings: Providing an alternative to 401(k) loans helps employees keep their retirement plans intact, addressing a major long-term problem for both workers and employers.
Scalability via Tech: Seamless HCM integrations are critical for adoption, enabling HR teams to "flip a switch" and deliver high-impact benefits without a significant administrative burden.
On this episode Einat and George discuss Series C Funding, Goldman Sachs Impact Fund, Financial Wellness, Socially Responsible Credit, Fintech, Employer Benefits, Payroll Integration, Credit Score Improvement, 401(k) Loans, Employee Retention, HR Technology.
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