Top new businesses of 2016: Neyber
The financial employee benefit provider
Founders: Martin Ijaha, Monica Kalia, and Ezechi Britton
Launched: January 2016
Most workers will have been affected by financial worries in their lifetime and, occasionally, these financial concerns can escalate into real problems.
Early-stage start-up Neyber is looking to bring an end to this financial stress and “improve the financial wellbeing” of employees by allowing workers to borrow loans directly from their salaries.
Its “game-changing” 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 – “more attractive rates to those traditionally available from high street banks or alternative lenders”.
With no cost to the employer, Neyber says its service can offer average savings of 20% on monthly debt repayments and the equivalent of a 5% yearly pay rise.
Neyber’s founding team – which includes two former Goldman Sachs investment bankers and a financial technology expert – have already secured approximately £8.5m in funding to scale the start-up business and believe that, by giving employers the benefit of providing financial services in the workplace, employers can reap the productivity rewards of workers having greater financial wellbeing.
Having already grown to a team of 50 staff since launch in January and given that it has already funded £40m in loans, 2017 is set to be an even bigger year for this bright young fintech start-up.
A recent award win at the WSB Innovation Awards, and a range of partnerships with major employee benefits providers such as Perkbox, also evidence Neyber’s growth potential.