FinTech firm Neyber has closed a £21m Series C led by Wadhawan Global Capital (WGC), an India-based financial services group.
Existing investors also took part in the round, which brings Neyber’s total to £34.5m following previous rounds: a £6m Series A and a £7.5m Series B.
Co-founded by former Goldman Sachs investment bankers Martin ljaha and Monica Kalia, alongside FinTech expert Ezechi Britton, Neyber allows employers to offer ‘affordable’, salary deductible loans.
Co-founder and CEO 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.”
Kapil Wadhawan, the chairman at WGC, said his firm’s investment in Neyber showed its 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.”