Yesterday US investment bank Goldman Sachs announced that it would lend £100 million to Neyber, a fintech start-up that specialises in retail lending, the Financial Times reports. Set up 5 years ago by two ex-employees of its firm the interest rates charged tend to be lower than those of pay-day lenders and on credit cards because repayments are debited directly from salaries before they are credited to the borrower’s bank account. Thus default levels tend to be lower.
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