Neyber reportedly in talks with administrators over funding woes

By Oliver Smith on Friday 21 February 2020

Alternative Lending

Rival Salary Finance said to be examining the employee lender's loan book.

Neyber reportedly in talks with administrators over funding woes
Image source: Neyber's founding team, Ezechi Britton Monica Kalia and Martin Ijaha.

Employee lender Neyber is said to be in talks with administrators at BDO to review its strategic options, according to Sky News.

The news would mark a dramatic fall from grace for Neyber, which allows employees to borrow against their salaries and has high-profile partnerships with several large employers like TalkTalk and Royal Mail.

Sky’s report suggests that the business could look for a pre-pack sale of its assets with rival Salary Finance already said to be examining Neyber's loan book.

Neyber was founded in 2013 by CEO Martin Ijaha, chief strategy officer Monica Kalia and Ezechi Britton.

Goldman Sachs was among Neyber’s investors, taking part in the company’s Series C in 2017 and providing £100m of debt to be issued via Neyber.

Neyber was also backed by Wadhawan Global Capital, the downfall of which has had repercussions in many of Wadhawan’s portfolio companies.

Sky reported that Neyber has been forced to explore its strategic options due to difficulties in raising additional funding.

Chief strategy officer Monica Kalia told Sky: "As a growing business, we are currently closing the funding for the next phase of our development."

AltFi has contacted Neyber for comment.

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