Neyber, the sector leading fintech financial wellbeing provider, has increased its loan book by 500% over the past year to over £50 million. The fast growing loan book comes in the wake of its launch to all UK employers in 2016, its introduction to over 60 companies and 14 employee benefit platforms. Neyber has now raised over £15M in investment capital and plans to complete a further funding round later in 2017.
Neyber is now available to public sector employees across the Police Service, NHS Trusts and Local Authorities and in leading private sector enterprises such as UK Power Networks and Anglian Water. This means that over 700,000 employees across the UK now have access to fairer finance and lower cost loans than they would find from high street or alternative lenders; with this rising to over one million employees in 2017 as a result of Neyber’s client pipeline.
The disruptive consumer lending platform enables employers to offer loans at more affordable rates than are accessible on the high street; ranging from 4.9% – 9.9%. Loan repayments are taken through a unique salary deduction technology that integrates directly with employer payroll systems. To achieve this Neyber has invested significantly in building a scaleable platform creating a new user experience in the consumer credit market. This enables Neyber to largely negate borrower defaults, delivering more loans at vastly lower costs of acquisition and pass the benefits back to its customers via competitive interest rates.
Neyber co-founder and Chief Executive Officer, Martin Ijaha, said:
“Neyber has made significant progress throughout 2016 and delivered on the founders’ commitment to deliver a better deal for working people, in the form of fairer finance. We look forward to employers across the UK embracing Neyber in the year ahead and to their employees benefiting from our services. In an economy where wage rises remain flat and prices continue to rise cutting the credit costs of working people matters more than ever before; that’s how Neyber will help millions of hard pressed people across the UK”.
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.
To find out more about Neyber, please visit the website: www.neyber.co.uk