Neyber joins the latest UKTI fintech trade delegation to Silicon Valley.
London-based online lending platform Neyber today begins its visit to Silicon Valley as part of the UKTI Fintech trade delegation. Some of the most exciting companies at the forefront of the UK’s financial technology and investment sectors will have the opportunity to share ideas and discuss challenges of technological innovation over the course of a three day event.
Officially launched last January, Neyber allows employers to offer affordable loans to their employees. To guarantee the repayments of these loans, Neyber employs an innovative technology based on a salary deduction mechanism, which integrates into an employer’s payroll systems. Users will be able to repay their loans passively, via a simple salary deduction. Loan terms are completely confidential – the platform won’t disclose to employers how much is borrowed. Interest rates are advertised at 4.9% APR, with loan sizes ranging from £500 to £25,000.
This news follows on from the passing of several milestones, including having increased the size of its loan book by 40% in January 2016 to £10million, and the successful closure of a £6m Series A funding round at the end of December.
Neyber co-founder and chief executive officer, Martin Ijaha, commented:
"Neyber's participation in this UKTI trade mission to the States is another clear indication of our fast growth, unique innovation and commitment to bring financial employee benefits to the forefront of the market through an innovative fintech platform.”
Companies that want to take part in a trade delegation must explain to the UK Trade and Investment – the business development arm of the British government – why they are ready to expand, what they can export to the rest of the world and where they fit within high-growth markets.
“We are honoured and gratified that the UKTI has heard our story and selected us to be a part of the trade delegation which will represent the breadth and innovation of talent in the Fintech community in the UK,” said Martin in a short note on Neyber’s website.
This is not the first time that an online lending platform has joined a UKTI trade delegation. Indeed, at the end of last summer, the first trade delegation of the current parliament travelled to South East Asia with 31 British businesses, including RateSetter and Iwoca. Such excursions enable digital companies to showcase the progresses of the UK fintech sector abroad – a sector that generated over c. £20bn in revenue annually, according to the UK Trade and Investment.
"We are looking forward to learning from our counterparts across the pond to see what we can bring to the Neyber proposition and therefore the UK workforce. We see technology as a great enabler to transform and achieve our goals of increasing work place wellbeing and by default productivity in the work place."