Disruptive consumer finance and wellbeing platform Neyber has raised £7.5 million at the closure of its series B funding round, bringing the company’s total capital raised to date to £18 million since its inception.
Leading investors from the financial services sector have joined the company’s investor base; with former Deutsche Bank COO, Henry Ritchotte, and Credit Suisse Investment Bank Co-Head, Gaël de Boissard, taking a stake in the company. Neyber’s anchor investor and partner, Police Mutual, has made an additional significant investment in this innovative strategic partnership between the largest affinity society in the UK and a leading fintech company.
The financial wellbeing platform enables employers to offer access to loans at more affordable rates than are commonly available on the high street. Loan repayments are taken through unique salary deduction technology that integrates directly with employer payroll systems.
Neyber’s total loan book exceeds £50 million and has grown by over 500% in the past year alone. The company’s services are now available to public sector employees across the Police Service, London City Airport, NHS Trusts and Local Authorities and in leading private sector enterprises such as UK Power Networks and Anglian Water.
Neyber co-founder and Chief Executive Officer, Martin Ijaha, said:
“This latest funding round has delivered significant support from our anchor partner, Police Mutual and other initial investors alongside new investors with notable experience in the financial services sector. Their investment will support the acceleration of Neyber’s business, enabling it to reach more employees.”
Henry Ritchotte said:
“Neyber is revolutionising the UK’s financial services sector. It has an expert founder group that is focused on growing the business, expanding its product range and delivering best in class service to its partners and clients. I am looking forward to investing in the company and working with the team there.”
Gaël de Boissard said:
“I’m excited by Neyber’s offering, its progress to date and the company’s growth potential. Neyber is a game changing disruptive force in the financial services sector that will fundamentally change the way that consumers borrow and save in the UK.”
Police Mutual Finance Director, Ian Cordwell, said:
“Police Mutual has worked in partnership with Neyber from the inception of the company. We’ve achieved much together and delivered fairer financial services to our members across the Police Service. We’ve backed our commitment to Neyber by increasing our significant investment in the company and will continue to support its growth across the UK employment market.”
Neyber was founded by former Goldman Sachs investment bankers Martin ljaha and Monica Kalia along with financial technology expert Ezechi Britton. The founders joined together to deliver a genuine alternative to the solutions offered by financial service providers whose high borrowing rates and low returns on savings have helped to create an unprecedented era of financial stress.
Neyber has been named by Real Business as one of the Top 50 most disruptive financial technology platforms in the UK for 2017.