Consumer finance platform Neyber has raised £7.5 million in a Series B funding round, bringing the total raised so far by the London-based firm to £18 million.

Investors from the financial services sector joined the company’s investor base; with former Deutsche Bank COO, Henry Ritchotte, and Credit Suisse Investment Bank co-head, Gaël de Boissard, taking a stake in the company. Neyber’s anchor investor and partner, Police Mutual, made an additional ‘significant’ investment.

The platform enables employers to offer access to loans at what it claims are more affordable rates than are commonly available on the High Street. Loan repayments are taken through unique salary deduction technology that integrates directly with employer payroll systems.

Martin Ijaha, Neyber co-founder and chief executive officer of Neyber, said: “This latest funding round has delivered significant support from our anchor partner, Police Mutual and other initial investors alongside new investors with notable experience in the financial services sector. Their investment will support the acceleration of Neyber’s business, enabling it to reach more employees.”

Ian Cordwell, Police Mutual’s finance director, added: “Police Mutual has worked in partnership with Neyber from the inception of the company. We’ve achieved much together and delivered fairer financial services to our members across the police service. We’ve backed our commitment to Neyber by increasing our significant investment in the company and will continue to support its growth across the UK employment market.”

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