Salary Finance has acquired Goldman Sachs-funded workplace lender Neyber.

The deal creates the UK’s largest employee financial wellbeing platform, according to Salary Finance.

The combined entity will serve 500 client partners with three million employees across a portfolio that includes 15 per cent of the FSTE 100 companies such as Virgin Active, Co-op, Asda, BT, as well as public sector organisations including Police Forces and NHS Trusts.

The acquisition was structured as a pre-pack administration, with Neyber assets acquired by Salary Finance and staff transitioned.

Neyber, founded in 2014, provides salary-linked savings and investments, loans, on-demand access to pay, protection insurance (income and critical illness cover) and financial education.

In partnership with Nest and HM Revenue & Customs, Salary Finance also provides a pension savings sidecar product and access to HMRC’s Help to Save product linked to payroll.

Police Mutual will join Salary Finance as a new investor as part of the acquisition. Goldman Sachs, another former Neyber investor, has also joined Salary Finance as an investor. Existing investors Blenheim Chalcot and Legal & General continue to invest in and support the business.

Asesh Sarkar, Salary Finance co-founder and global chief executive, commented: “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.

“The Neyber acquisition, and the additional scale that gives us, takes us several steps forward in achieving our mission – we are excited to get to know and work with our new colleagues and clients.”

Share Story: