This 35-year-old banker left Goldman Sachs to start a fintech inspired by his mother — 5 years later Goldman gave him £100 million
- LONDON — Goldman Sachs has invested £100 million in a fintech startup founded by two of its former bankers that lets people borrow money and repay through their salaries.
- Neyber, founded in 2014 and launched in 2015, partners with employers to let their staff borrow money at attractive rates.
- Ijaha and his cofounders — Monica Kalia, 44, another former Goldmanite, and Ezechi Britton, 37, an ex-Credit Suisse banker — wanted to apply this collective saving and borrowing model in the workplace because it’s “the biggest community,” Ijaha said.
- Ijaha wouldn’t disclose the exact breakdown between debt and equity of Goldman’s £100 million investment but said the greater part is debt.
- Dennis Beeson, a senior executive with Goldman Sachs Private Capital, said in a statement announcing the deal: “Employee financial wellbeing is of increasing importance to UK employers and Neyber is a key player in the evolving market.
Neyber has raised £100 million in debt and equity funding from Goldman Sachs.
@ChantayyJayy: This ex-Goldman banker started a fintech inspired by his mum— and the bank invested £100M via @BIUK_Finance
The founders of Neyber, from left: Ezechi Britton, Monica Kalia, and Martin Ijaha. Neyber
LONDON — Goldman Sachs has invested £100 million in a fintech startup founded by two of its former bankers that lets people borrow money and repay through their salaries.
Neyber, founded in 2014 and launched in 2015, partners with employers to let their staff borrow money at attractive rates.
Repayments are then deducted from future salaries, lowering the risk for the lender and hopefully helping staff manage money better.
Goldman’s investment in the UK-based fintech startup is a mixture of debt and equity. It comes alongside an extra £15 million of lending capital for Neyber from existing investors, led by former Deutsche Bank COO Henry Ritchotte and Gael de Boissard, the former cohead of Credit Suisse’s investment bank.
‘I remember my mother coming back with £50 notes when it was her turn’
The startup was founded by three former investment bankers, including two Goldman alums. CEO Martin Ijaha, 35, left Goldman in 2012 and came up with the idea for the business when thinking about the experience of his family as a child.
Neyber has lent £70 million since 2015
“After leaving Goldman, even during my time at Goldman, I was looking at fintech,” Ijaha told Business Insider. “At that time it was defined by peer-to-peer lending, which I found interesting but really…