Penningtons Manches’ corporate and India group teams have advised Mumbai-based Wadhawan Global Capital on a significant investment in UK consumer lender Neyber, a fintech start-up which partners with companies to offer employees competitive loans that are repaid out of salaries.
Neyber has subsequently received £100 million of debt and equity finance in the largest ever UK investment by Goldman Sachs’ private capital unit. The lender has added 80 companies in the past year and recently became the first fintech to be registered by the Lending Standards Board, which oversees a voluntary code of conduct for UK lenders.
Wadhawan Global Capital is the family office of the Wadhawan Group of Companies and invests in a variety of sectors. The investment in Neyber is the latest in a series of investments in the UK financial sector. Earlier in the year Penningtons Manches also advised Wadhawan Global Capital on its investment in leading peer-to-peer lender Zopa.
India group client partner Phillip D’Costa and consultant Teja Picton-Howell led the Penningtons Manches team. Phillip D’Costa commented: “We’re delighted to have advised Wadhawan on its investment in this exciting new player in the consumer lender market. Wadhawan’s investment in Neyber is alongside that of Police Mutual and Goldman Sachs.”