Employee benefits company Hastee has netted £208m in its funding round to support the growth of its services.
The round was led by Umbra Capital, with contributions also coming from IDC Ventures and others.
Hastee wants to remove the reliance of high-cost credit usage including payday loans, credit cards and overdrafts. The UK-based platform aims to enhance the financial wellbeing by giving employees early access to part of their earned pay.
An employee can use Hastee to access up to £100, free of charge, of their monthly earnings. After the initial £100 has been withdrawn, a transaction fee of 2.5% is charged. Hastee funds every withdrawal, with employees reimbursing the app on payday.
There is no interest fees and each balance on Hastee is settled each month, leaving no overhanging debts.
Some of its clients include London City Airport, IRIS, Avery Care Homes and Mitchells & Butlers.
Umbra Capital Partners managing partner Gustavo Diquez said, “We are proud to be partnering with Hastee in providing this funding, comprising of both equity and a unique credit facility, to support their mission to improve people’s lives, improve company productivity and deliver social good at scale.
“As a modern merchant bank, we are delighted to lead one of the largest fundraisings in the data-driven financing space to date, bringing together technology and socially responsible capital.”
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