700,000 Employees Across The UK Have Access to Fair Finance, Will Reach One Million Employees in 2017, thanks to Neyber
Fair finance is accessible to over 700,000 employees, thanks to Neyber, the leading financial wellbeing provider. This figure is due to rise to over one million in 2017. Neyber is currently delivering borrowing and financial education to employees of over 60 companies and is also available via 14 employee benefit platforms.
Neyber has also partnered with Police Mutual, who have successfully raised over £30m of ISAs for their members. As part of Neyber’s commitment to improving the financial wellbeing of employees, Neyber will replicate the success of this product and soon provide an attractive product to all their customers.
Employers offering Neyber’s fair finance solution to their employees come from a broad range of sectors. These include the UK Police Service, NHS Trusts, London City Airport and the professional services provider Personal Group.
Anglian Water is one of the most recent employers to have partnered with Neyber and will now be offering Neyber’s salary deducted loans and financial education across their four thousand strong workforce.
Sally Purbrick, Head of Reward at Anglian Water, said:
“Employee engagement surveys at Anglian Water have shown the degree to which financial wellbeing matters for people across our organisation. Neyber provides the breadth of services that our employees need and has significant experience of delivery to geographically diverse and multi-generational workforces such as ours.”
Monica Kalia, Co-founder and Chief Strategy & Business Development Officer at Neyber, said:
“We are delighted to be working with over 60 organisations in the UK who are helping make fairer finance a reality. The vast majority of Neyber customers are taking out loans to consolidate their debt, and we believe this demonstrates how Neyber is part of the solution. Neyber borrowers have already saved £14.4M* in interest costs freeing up income that would have otherwise been lost for people who are just about managing in today's tough economic climate.”
Neyber was founded by former Goldman Sachs investment bankers Martin ljaha and Monica Kalia along with financial technology expert Ezechi Britton. The founders joined together to deliver a genuine alternative to the solutions offered by financial service providers whose high borrowing rates and low returns on savings have helped to create an unprecedented era of financial stress.
To find out more about Neyber, please visit the website: www.neyber.co.uk
Notes to editors
Neyber is an award winning1 provider of financial employee benefits. We enable employees to reduce borrowing costs with access to affordable loans integrated with payroll - all at no cost to the employer. Our mission is to pioneer the creation of workplace communities that will enable employees to borrow and save together at fairer rates and to cut credit costs. As Neyber’s technology integrates with payroll, employers can offer an easy-to-implement workplace financial solution that acts as a key driver for employee engagement, productivity and to reduce stress-related absenteeism.
Through our affordable rates, we have saved our borrowers up to 25%** on their monthly debt repayments enabling them to achieve greater financial wellbeing.
1Neyber won the Benefits Innovation of the Year category at the Workplace Savings and Benefits 2016: http://events.wsandb.co.uk/awards/static/2016-winners
*Average term of debt is 4 years. Calculation is based on annual savings figure per customer multiplied by average term of debt.
**Based on the experience of 60% of Neyber customers, February 2017.