UK-based personal finance platform Neyber has picked up ?115m in its latest funding round.
The capital injection was split between a ?100m Series C, which was led by Goldman Sachs, and a ?15m debt financing from existing investors including Henry Ritchotte and Gael de Boissard. Following the investment, Goldman Sachs has picked up a minority stake in Neyber.
Neyber is a personal finance platform helping employers and employees with financial wellbeing. The platform offers loans to employees, with a choice of three fixed rates and a loan range of between ?2,000 to ?25,000 on a 4.9 per cent APR Representative. For employees with a low credit score a loan is available of between ?500 to $5,000 on a 9.9 per cent APR.
The repayments for the loans are taken directly from an employee salary, or if the borrower leaves the company, it is deducted from the final paycheque. The platform also has a portfolio of lenders that can help employees pay back outstanding debts.
This new equity will allow the company to continue its development and expansion to cover more customers, which includes improving the UK financial wellbeing. The company also hopes to launch its savings product by bundling loans into a tax-free ISA, which will be for employees looking for higher returns, according to various reports in the media.
Neyber co-founder and CEO Martin Ijaha said, ?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 position as the leading player in the UK salary deducted lending market”.
With this latest financing, the total funds the company has brought in has reached around ?149m, with the company picking up a ?21m funding round last month, the articles state.
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