Goldman Sachs takes debt and equity stake in Neyber
12 September 2017 | 3298 views | 0
London-headquartered Neyber, the UK’s sector leading financial wellbeing provider, has secured up to a further £100M in a capital investment round led by Goldman Sachs.
The investment includes debt and equity as part of the recently completed series C fundraising round providing Goldman Sachs with a stake in the company. Neyber has also secured £15m of lending capital from existing investors led by Henry Ritchotte and Gael de Boissard in this investment round.
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 launched nationally in January 2016. Since then it has launched with over 80 private and public sector organisations across the UK including some of the largest UK employers. It has saved its borrowers £14M in interest payments and developed an addressable market of 700,000 employees.
Neyber co-founder and Chief Executive Officer, Martin Ijaha, said:
“This is a groundbreaking transaction for Neyber and the most significant milestone in our development to date. This transaction brings Neyber’s award winning proposition further into focus and comes at a time when Neyber is launching with some of the largest employers in the UK. This capital investment will allow Neyber to embrace these opportunities and expand the universe of employees that Neyber can serve. This supports our mission of improving the financial wellbeing of even more UK employees.
“Goldman Sachs joins Police Mutual and WGC to create a group of core strategic investors in Neyber. Collectively the investment and expertise these three organisations bring across areas such as capital markets, financial services and credit risk will serve to cement Neyber’s position as the leading player in the UK salary deducted lending market".
Dennis Beeson, a senior executive with Goldman Sachs Private Capital, said:
“We are excited to partner with Neyber on its period of rapid growth. Employee financial wellbeing is of increasing importance to UK employers and Neyber is a key player in the evolving market. Neyber’s strong management and leading technology platform ensure its continued success.”
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 clients include FTSE listed firms, the UK Police Service, London City Airport, Anglian Water, BUPA, NHS Trusts and local authorities.