Uncapped has raised £10m to support its ambition to help European businesses grow by giving them an alternative to traditional investors or taking on debt.
The London-headquartered and Warsaw-based FinTech startup is backed by Rocket Internet, the German investor and incubator that netted $605m in profits in the first six months of 2019. Other investors includes White Star Capital, which raised a $108m fund in 2018, and Seedcamp as well as a number of angel investors.
Uncapped aims to to provide between 10,000 and £1m in working capital for a flat fee of 6% to startups, according to TechCrunch.
Startups looking to tap into this opportunity reportedly do not have to provide any personal guarantees, credit checks, warrants or equity, but will have to provide data to support the business’ performance, be based on online payments and be able to provide at least nine months of trading data.
It also follows the companies’ performance by tracking the performance on the platforms the startup is connected to, like Stripe, Shopify and Facebook.
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