Neyber Raises £21M at Series C Funding Round
New Strategic Investor to Have Significant Stake in Leading Financial Wellbeing Provider
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.
To find out more about Neyber, please visit the website: www.neyber.co.uk
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Photo - Neyber Founders
L-R: Ezechi Britton, Co-Founder and Chief Technology Officer; Monica Kalia, Co-Founder and Chief Strategy Officer; Martin Ijaha, Co-Founder and CEO
Notes to editors
About Neyber
Neyber is an award-winning financial wellbeing provider that helps UK employees to be better with their money. We partner with employers to support their workforce’s financial wellbeing with access to affordable, salary-deducted loans and financial education insights – all at no cost or risk to the employer. Soon we’ll be introducing a savings proposition where employees can also save directly from their salary.
Our vision is to build a community of employees who can confidently deal with money and have access to fairer finance when they need it.
We have been recognized as one of the top 50 most disruptive companies in the UK by Real Business and won “Benefits Innovation of the Year”, at the Workplace Savings and Benefits Awards. We were highly commended for “Innovation in Consumer Finance” at the Money Age Awards and are the Financial Wellbeing provider to the winner of the Employee Benefits Awards’ “Best Financial Wellbeing Strategy”. We’ve also received great endorsement from our customers who love our products and service and commended us at the AltFi “People’s Choice Award”.
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. Our clients include the UK Police Service, London City Airport, Anglian Water, NHS Trusts and FTSE listed firms.
About WGC
Wadhawan Global Capital (WGC - www.wgcworld.com) is one of the leading financial services group. WGC manages c. US$ 20 billion of assets through its lending, Investment, and Insurance platforms. WGC has partnered with leading financial institutions such as International Finance Corporation (IFC), Washington, Prudential Financial Inc, United States, Asian Development Bank and Korean Development Bank. WGC is the parent company for some of the prominent brands in India such as Dewan Housing Finance Limited (DHFL) which is a market leader with three decades of experience in financing affordable housing, Aadhar Housing Finance, Avanse Financial Services, DHFL Pramerica Life Insurance, DHFL Pramerica Asset Managers and DHFL General Insurance.
For further information, please contact:
Andrew Silverman (Neyber) 020 3770 9462 or andrew.silverman@neyber.co.uk
Arijit Sengupta (WGC) + 91 98203 40485 or arijit@wgcworld.com