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FinTech startup Neyber, which allows employers to offer access to ‘affordable’ loans, has raised £7.5m in Series B funding.

The London-based company drew support from investors including Deutsche Bank COO, Henry Ritchotte, and Credit Suisse investment bank co-head, Gaël de Boissard.

With this round, which also attracted existing backer Police Mutual, Neyber brings its total amount of funding raised to £18m.

Martin Ijaha, the co-founder, commented on the news: “This latest funding round has delivered significant support from our anchor partner, Police Mutual and other initial investors alongside new investors with notable experience in the financial services sector. Their investment will support the acceleration of Neyber’s business, enabling it to reach more employees.”

Founded in 2014, Neyber was selected to join a UKTI FinTech trade delegation to the US last year alongside Azimo, Eris Industries, Ventures Founders, Currencycloud and Crypta Labs.

The startup, which claims its loan book exceeds £50m, uses its proprietary salary deduction technology that integrates directly with employer payroll systems.

Ritchotte added: “Neyber is revolutionising the UK’s financial services sector. It has an expert founder group that is focused on growing the business, expanding its product range and delivering best in class service to its partners and clients.

“I am looking forward to investing in the company and working with the team there,” he concluded.

To check out the latest UK tech investments, visit the Tech City News Investment Tracker

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