Neyber was founded in 2014 and offers loans at attractive rates through employers, taking repayments directly from people's salaries.
Click here for more BI Prime storiesNeyber, the UK fintech startup backed by Goldman Sachs, has laid off around 13 staff as it focuses on new products, raising a final round of funding, and profitability. The firm had around 100 staff prior to the layoffs.
Kalia and Ijaha told Business Insider that its marketing department bore the brunt of the redundancies. The bulk of people who had been let go were focused on winning new clients and building out the firm's initial offering, they said, both of which are no longer priorities. The firm said there is no hiring freeze, and that it has a number of roles open and new joiners in the next few weeks.
"You have to recognise where you have places where maybe costs are a little too high, or you can have better efficiencies."Neyber counts Tesco as one of its clients.The pair added that Neyber was in the process of raising a new round of funding, although they gave no further details."We're looking at that as being the last round of capital that will take us to profitability, sustainability," Ijaha said of the new funding round.
Ijaha added:"Where we're coming from is that we've always wanted to build a business that gets to profitability, but is also doing the right thing for its customers. We've now been in business for five years, and we see the path to sustainability, which means we need to cover our costs." "As a founder in the first couple of years, you don't know what the parameters will be because it's so wide," said Kalia."The opportunities are there in terms of the size of the credit card market, but you're testing your proposition to see how it's going to work.
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