Goldman Sachs invests $50 million in Kashable

• Key insight: The employee benefit fintech Kashable raised $60 million in venture capital, of which $50 million is coming from Goldman Sachs Alternatives.
• What's at stake: Overall fintech share in VC funding is going down, but investors are attracted to profitable fintechs.
• Expert quote: Kashable has been a profitable company for several years, according to co-CEO Einat Steklov.

The credit fintech Kashable has raised $60 million through a Series C funding round led by the Sustainable Investing division at Goldman Sachs Alternatives.

Goldman Sachs Alternatives led the Series C financing with a commitment of up to $50 million, which includes an initial $25 million investment and an additional $25 million to be funded in the coming months subject to conditions. Kashable received the remaining $10 million from existing investors Revolution Ventures and EJF Ventures.

"Goldman Sachs Alternatives' leadership in this round reinforces that Kashable's approach represents a durable, institution-grade model for scaling comprehensive financial access through the workplace," Kashable co-founder and co-CEO Rishi Kumar said in a statement.

Kashable is an online lending platform, launched in 2013, that provides low-cost financing to borrowers as an employee benefit offered by participating employers. Borrowers get approved for loans based on employment data rather than credit scores, then repay the loans through automatic payroll deductions.

The company declined to disclose its current valuation, but a Kashable representative told American Banker that the fintech's valuation has "nearly tripled" since its $25.6 million Series B fundraise in 2024. A valuation figure was also not disclosed by the company at the time.

A company representative confirmed with American Banker that this is Goldman Sachs Alternatives' first investment in Kashable.

"We believe access to responsible financial tools is a critical driver of economic mobility," said Goldman Sachs Alternatives partner and head of inclusive growth Greg Shell. "Kashable has built a proven, scalable platform that empowers employers to play a meaningful role in their employees' financial wellbeing, demonstrating that impact and strong performance can go hand in hand."

Kashable will use the funds raised to expand its employer footprint by deepening partnerships with client HR, benefits and finance teams, according to a company statement.

Einat Steklov, Kashable co-CEO and an American Banker 2024 Innovator of the Year, told American Banker that the company has been profitable for several years but did not disclose what year the company began to turn a profit.

Steklov previously described Kashable to American Banker as a "socially responsible financial wellness company" that can help borrowers establish or improve their credit scores, in part because Kashable reports to the major credit bureaus.

Kashable's funding round is the latest in a series of private fintech VC fundraises that has coalesced around firms that can turn a profit.

Sahej Suri, founder and managing partner of Blue Dot Investors, told American Banker that the broader private fintech market has become significantly more selective, but recent growth-stage raises show that capital is still available.

"[It's] just far more concentrated and harder to access," he said. "Investor attention has largely shifted toward AI, crypto and a small group of scaled, late-stage fintech platforms, raising the bar for companies across the rest of the sector."

Suri cited a recently published report by Blue Dot Investors and FT Partners that shows fintech's share of total venture funding declining from 22% in 2021 to 12% in 2025 as capital has rotated into other high-growth sectors.

At the same time, however, the report found that the top 100 private fintech companies generated more collective revenue (at a combined $174 billion) than the top 100 public fintech companies (at a combined $158 billion) in 2025.

"Capital is no longer chasing growth at any cost, but instead backing businesses that can demonstrate strong fundamentals, embedded distribution and a credible path to profitability," he said. "In that environment, capital is increasingly concentrating in areas like banking and lending technology, where businesses can demonstrate resilience across market cycles and a path to growth."