Umbra Capital heads up major Hastee funding round
Hastee has secured £208 million of investment to fund the development of its solution that gives workers immediate access to their earned pay. This was led by Umbra Capital, with IDC Ventures also participating.
Hastee’s customers include Mitchells & Butlers, the company behind the likes of All Bar One, O’Neill’s and Harvester. Workers using its solution receive their first withdrawal every month, up to £100, free of charge and further withdrawals are subject to a transaction fee of 2.5%.
“We are delighted that our investors, led by Umbra, have chosen to partner with us as we bring financial freedom to people across the country,” says Hastee Founder and CEO, James Herbert.
“This investment will help us support a greater number of organisations in reducing financial stress, increasing wellbeing and improving the productivity of their employees and, as a result, their organisations.”
“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,” says Gustavo Diquez, Managing Partner, Umbra Capital Partners.
“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.”