Leading investment bank Goldman Sachs has backed a UK fintech startup to the tune of £100m.
The huge new £115m round of funding for London startup Neyber comes in the form of debt and equity financing and an additional £15m comes from existing investors Gael de Boissard and Henry Ritchotte, former top executives at Credit Suisse and Deutsche Bank respectively.
Neyber was founded by two former Goldman executives and provides loans via employers with the staff benefiting from competitive rates. Firms already using Neyber include Bupa and London City Airport as well as public services such as the NHS and police.
“This is a groundbreaking transaction for Neyber and the most significant milestone in our development to date," said co-founder and chief executive Martin Ijaha.
“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’s position as the leading player in the UK salary deducted lending market."
WGC – Wadhawan Global Capital – is an Indian financial services group which has also backed Zopa earlier this year.
“We are excited to partner with Neyber on its period of rapid growth," said Goldman Sachs Private Capital senior executive Dennis Beeson.
"Employee financial wellbeing is of increasing importance to UK employers and Neyber is a key player in the evolving market. Neyber’s strong management and leading technology platform ensure its continued success.”