Neyber secures £6m to help lend £100m to UK workers in 2016
Financial employee benefit provider has launched this week with Series A backing and will give employees access to loans integrated with payroll
Neyber, a provider of financial employee benefits, launched today with £6m Series A funding – following a £2.5m seed round last year.
Founded by former Goldman Sachs investment bankers Martin Ijaha and Monica Kalia, alongside financial technology expert Ezechi Britton, Neyber allows employees to borrow loans between £500 and £25,000 directly from their salaries at a rate of 4.9% APR.
The start-up intends to provide £100m in loans – which are integrated via payroll – to UK workers over the course of 2016 and claims to offer average savings of 20% on monthly debt repayments and the equivalent of a 5% yearly pay rise.
Neyber’s Ijaha commented: “It’s clear that the year ahead will be tough for many employees across the UK. Wages are likely to remain static, while key costs such as housing are likely to rise as a result of a potential rise in the bank base rate.
“We’ve created Neyber to help address this problem and deliver sustainable financial solutions that will enable employees across the UK to get their finances back on track.”