Salary Finance has acquired Neyber in a pre-pack administration, creating the UK’s largest employee financial wellbeing platform.
The deal means Salary Finance now serves 500 client partners – including BT, Dixons Carphone, Virgin Active, Co-op, Asda NHS trusts and police forces – and reaches three million employees.
Salary Finance says a tenth of all UK employees will now be able to access Salary Finance financial wellbeing solutions through their employer.
Asesh Sarkar, Salary Finance co-founder and Global CEO, 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 Salary Finance mission is to help millions of employees around the world become financially healthier and happier. 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.
“Salary Finance addresses a social problem, and market failure, where 40 per cent of UK employees have no savings, and over six million employees have been refused a high street loan, leaving them little option but to take high interest debt.
“We address this issue at scale, with products which are better value and create better financial habits, such as auto savings-linked directly from pay.”
Salary Finance loan customers typically save £600 in interest, pay off their debts six to 12 months sooner and see a five to 10 per cent increase in their credit score.
Neyber’s existing customers should continue to make loan repayments in line with their existing agreements. If any action is required, they will be contacted by a representative of Salary Finance.