'Financial wellbeing' startup Neyber raises £21 million
02 August 2017 | 5086 views | 0
London-headquartered Neyber, the sector leading financial wellbeing provider, has raised £21M of new equity at the closure of its series C funding round.
The series C round was led by Wadhawan Global Capital (WGC), a leading Indian Financial Services Group, whose decision to invest demonstrates their commitment to the UK’s fintech sector. Existing Neyber investors also expanded their investment in the company.
Neyber is an award-winning financial wellbeing provider that helps UK employees to be better with their money. Neyber partners with employers to support their workforce’s financial wellbeing with access to affordable, salary-deducted loans and financial education - all at no cost or risk to the employer.
Neyber co-founder and Chief Executive Officer, Martin Ijaha, said:
“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.”
WGC Chairman, Kapil Wadhawan, 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.”
WGC have strategically decided to invest outside of their home market and have chosen the UK, especially the fintech sector, to serve un-banked customers despite the uncertainty caused by Brexit. Neyber is WGC’s second investment in the UK fintech sector, following Zopa.
Quayle Munro (www.quaylemunro.com) advised Neyber and WGC was advised by Altamount Capital (www.altamountcapital.com), on their investment.
Neyber was founded by former Goldman Sachs investment bankers Martin ljaha and Monica Kalia along with financial technology expert Ezechi Britton. The founders joined 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.