News comes weeks after Neyber found itself in financial distress.
Weeks after it was first reported that Neyber had entered talks with administrators, the employee lender was acquired by rival Salary Finance on Monday.
The deal, announced ahead of Rishi Sunak’s 2020 Budget today, bolsters Salary Finance with a 500-strong corporate client base including BT, the NHS and Virgin Active, including 15 FTSE 100 companies.
As part of the acquisition, Neyber’s investors Police Mutual and Goldman Sachs will become investors in Salary Finance, while existing investors Blenheim Chalcot and Legal & General will remain involved in the business.
“We are delighted to welcome the Neyber team and clients to the Salary Finance community, and thank the Neyber founders Martin Ijaha and Monica Kalia for building such a strong team and helping to create a category that hundreds of employers credit with helping the lives of their staff,” said Asesh Sarkar, Salary Finance’s co-founder and global CEO.
Both Salary Finance and Neyber operate similar business models in allowing employees to borrow against their salaries.