Employee financial wellness startup Neyber has picked up £7.5m in a Series B round.
The investment comes from existing backer Police Mutual as well as former Deutsche Bank COO Henry Ritchotte and Credit Suisse Investment Bank co-head Gaël de Boissard.
The UK-based company aims to let employers offer access to loans at more affordable rates than its employees would typically get through retail banks.
The company takes loan repayments directly from customers’ salaries through technology that plugs into companies’ payroll system.
Neyber’s total loan book tops £50m having grown 500% in the past year alone.
The company counts to public sector services such as the Police Service, London City Airport, NHS Trusts and Local Authorities among its clients alongside private sector enterprises such as UK Power Networks and Anglian Water.
Neyber co-founder and Chief Executive Officer, Martin Ijaha, said: “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.”
The round take’s the company’s total funding to more than £18m.
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