Hastee raises £8 million
Hastee, the London-based creator of an employee benefit that enables workers to take a portion of their earned pay on-demand, has raised £8 million in a round led by Umbra Capital, with participation from IDC Ventures and others. The startup also secured a £200 million line of credit.
Founded in 2017, Hastee is on a mission to solve the reliance on high-cost credit such as payday loans, credit cards and overdrafts, by giving workers access to their earned pay via the Hastee App. Hastee funds each withdrawal, with employers reimbursing Hastee on each normal pay day, meaning it does not impact companies’ cash flow.
Workers using Hastee receive their first withdrawal every month, up to £100, free of charge and further withdrawals are subject to a 2.5% fee. For employers, the solution is free to offer and integrates with existing HR and payroll processes. Hastee’s customers include London City Airport, IRIS, Avery Care Homes, and Mitchells & Butlers, one of the largest operators of restaurants, pubs and bars in the UK with brands including All Bar One, O’Neill’s and Harvester.
“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. This investment will help us support a greater number of organizations in reducing financial stress, increasing wellbeing and improving the productivity of their employees and, as a result, their organizations.” – Hastee founder & CEO, James Herbert.
“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.” – Gustavo Diquez, Managing Partner, Umbra Capital Partners.
“Hastee’s “Liquid payroll” solution will transform how people spend and control their personal finances. Technology enabled solutions like Hastee, which provide users access to their earned pay in real time and at a very fair cost, will soon put an end to payday lending in their markets. We could not be more excited about joining James and the fantastic group supporting Hastee on this high impact vision.” – Bobby Aitkenhead, Managing Partner, IDC Ventures.
Bottom Line: A potential partner with timely and relevant data.