You have successfully emailed the post. 100 million in UK fintech Neyber last year. Neyber works with employers to let staff who Typically Invests money then repay through salary deductions. The company was founded by two former Goldman bankers and an ex-Credit Suisse banker. CEO Martin Ijaha features on Business Insider’s UK fintech 35 under 35 list.
Inspired by Sou-Sou, a traditional West African saving club used by CEO’s mother. LONDON — Martin Ijaha, the CEO and cofounder of Neyber, is one of the people featured on Business Insider’s 35 under 35 UK fintech list. Neyber, founded in 2014 and launched in 2015, partners with employers to let their staff borrow money at attractive rates. Repayments are then deducted from future salaries, lowering the risk for the lender and hopefully helping staff manage money better. 100 million the company last year. Goldman’s investment in the UK-based startup is a mixture of debt and equity. 15 million of lending capital for Neyber from existing investors, led by former Deutsche Bank COO Henry Ritchotte and Gael de Boissard, the former cohead of Credit Suisse’s investment bank. 50 notes when it was her turn’ The startup was founded by three former investment bankers, including two Goldman alums.
CEO Martin Ijaha, 35, left Goldman in 2012 and came up with the idea for the business when thinking about the experience of his family as a child. 70 million since 2015 “After leaving Goldman, even during my time at Goldman, I was looking at fintech,” Ijaha told Business Insider. At that time it was defined by peer-to-peer lending, which I found interesting but really I thought there were a few fundamental flaws. There wasn’t a real value proposition for borrowers. It was largely targeting those who could already get loans from banks. Thinking about how he might do something better for borrowers, he remembered his mother taking part in Sou-Sou, a West African savings club tradition.
Ijaha told BI: “She was a nurse. 50, into a pot every time they were paid. One of them would take the money home at the end of that month. The communal pot would act as a form of community saving, with members able to take money out when they needed. 50 notes when it was her turn,” says Ijaha. That was their way of helping each other save and also make sure they could borrow at reasonable rates because effectively there weren’t any rates. They did this for years and it worked.
You’re cutting out the banks’ Ijaha and his cofounders — Monica Kalia, 44, another former Goldmanite, and Ezechi Britton, 37, an ex-Credit Suisse banker — wanted to apply this collective saving and borrowing model in the workplace because it’s “the biggest community,” Ijaha said. Initially, they ran a proof of concept with Ijaha’s former school in West London, St Charles Sixth Form College. Ijaha approached his former headmaster who “loved the idea. He said, ‘Actually, we already have this issue. A number of teachers are asking me for advances on their salaries and I informally agree to do it.
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We were able to run a pilot with St Charles, we started lending with them in February 2014. 1,500 at a rate of up to 7. We found there was significant demand to borrow. A policeman stands among dozens of shoes thrown in Whitehall, near the gates of Downing Street, to demonstrate the killing of children during the Lebanon war during a demonstration organised by Stop the War Coalition in London August 5, 2006. That helped convince Police Mutual to sign-up. Police Mutual is the mutual insurance society for the UK police. Ijaha said: “We effectively said we would help them lend to police through their salaries and they could fund the loans by issuing a savings product.
You effectively create that model where you’re borrowing and savings within the workplace. 50 million debt facility it could lend to police officers. Ijaha says: “You’re cutting out the banks, providing much higher interest on saving products, and much lower rates. 70 million and now works with over 80 employers, including 10 NHS trusts, DHL and Anglian Water. Cofounder Monica Kalia told BI: “The sell in to the employer is very much around financial well-being. Typically an employer would have a range of different benefits on offer outside of just pay — bike to work schemes, childcare vouchers, gym membership. Actually, employers increasingly understand that they need to understand financial well-being.