Uncapped raises £10m to boost lending options for small businesses

Uncapped, a small business lending platform, has raised £10m in a funding round to support more businesses across Europe.

Seedcamp, Global Founders Capital and White Star Capital led the round.

The London-based FinTech helps businesses access working capital between £10,000 and £1m at a flat fee of 6%.

To help companies survive turbulent markets, Uncapped only asks for repayments when the company has generated sales, taking a small percentage of each new transaction. This means, if sales slow down for a month or are lower than expected, companies are not heavily impacted by repayment obligations.

Uncapped does not require a borrowing company to supply the traditional business plan and pitch deck. Instead, it uses technology to connect companies’ existing marketing and sales accounts, like Google Ads and Stripe, to make data-driven decisions.

Loans are available to all European businesses that take online payments and have a minimum of nine months of trading history.

Uncapped co-founder Piotr Pisarz said, “Having spent a lot of my career in venture capital, I’ve always been shocked at just how little equity founders end up with. Current statistics show that at exit the founder will likely own less than 15% of their business.

“Equity is the most expensive way to fund a company’s growth, it takes a long time to raise, and can mean founders end up losing control of their companies. With European companies monetising sooner than ever, we know that founders deserve a more creative and affordable solution.”

Seedcamp has made a handful of FinTech investments this year. Another recent deal from the company was a contribution to the $4.9m round of open banking solution developer Koyo.

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