Neyber staff will be transferred across to Salary Finance under the pre-pack administration deal revealed by Corporate Adviser earlier this week.
The transfer of insolvent Neyber’s book of business sees payroll lending and financial wellbeing platform Salary Finance means 3 million UK employees can now access its products.
Neyber assets have been acquired by Salary Finance and staff transitioned under TUPE.
Co-founded by the former head of Google UK & Ireland, a former banking consultant and a social impact entrepreneur, Salary Finance now has 500 client partners including 15 per cent of the FTSE 100.
As a result of the acquisition, 1 in 10 UK employees will now be able to access Salary Finance financial wellbeing solutions through their employer. The provider says its loan customers typically save £600 in interest, pay off their debts six to 12 months sooner and see a 5 to 10 per cent increase in their credit score.
Salary Finance will now provide the broadest set of employee financial wellbeing products in the market, including salary-linked savings and investments, loans, on-demand access to pay, income protection and critical illness cover and financial education.
In partnership with Nest and HMRC, 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.
Salary Finance also operates across the US, where Goldman Sachs is well positioned to support business growth, the provider says.
Salary Finance Co-founder and Global CEO Asesh Sarkar says: “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.”