Financial employee benefit provider Neyber raises £21m of Series C
The London-based start-up will use the funding to expand its financial wellbeing offering
Neyber, a financial wellbeing start-up that helps employees borrow loans directly from their salaries, has raised £21m in Series C funding – in a round led by Wadhawan Global Capital (WGC), an India-based financial services group.
Aiming to tackle increased financial stress among employees in UK workplaces, Neyber’s online platform integrates with a company’s payroll to allow workers to borrow loans of between £500 and £25,000 at three rates ranging from 9.9% APR to 4.9% APR.
So far, it has lent more than £65m over two-and-a-half years.
With over 80 major clients including City Airport, Anglian Water and various NHS trusts, the majority of borrowers on Neyber’s platform are the 5,000 police officers via The Police Mutual – a founding investor in Neyber.
Founded by Martin Ijaha, Monica Kalia, and Ezechi Britton, ljaha and Kalia previously worked as investment bankers for Goldman Sachs – while Britton was a former Credit Suisse technology specialist.
The trio were inspired to start-up after banks eased consumer lending following the global financial crisis.
Having just launched in January 2016, Neyer was named one of our Top New Businesses for 2016, and if funding is anything to go by, we were right on the money.
The businesses launched with £6m worth of Series A funding last year, having already bagged £2.5m worth of seed funding in 2015.
“This investment is our largest round closed to date and marks the high level of customer demand for salary deducted lending; a business model pioneered by Neyber in the UK employment market.
“WGC’s investment will enable us to accelerate our growth by adding capacity that will support our significant new contract wins, the development of our financial wellbeing offering and communication with our expanding customer base.”
Kapil Wadhawan, WGC chairman, said:
“Our investment in Neyber, an innovative fintech company in the UK, shows our commitment to partner with entrepreneurial businesses. We believe such disruptive business models in the financial services space can reach customers in a new yet efficient manner.
“Neyber is built on the model of community-based financial empowerment through fair and just lending, something that resonates with our founders’ philosophy. Through this investment, we aim to scale their business and learning to similar markets around the world.
“At WGC, we will continue to focus on similar opportunities in the UK market. We wish to learn from young players and at the same time provide them with scale through our experience of over three decades in the financial services space.”