In the latest development, the London-based fintech startup Hastee has secured €243 million to fund the development and growth of its financial wellbeing solution that gives workers immediate access to their earned pay. The funding round was led by Umbra Capital and supported by IDC Ventures and others.
Founded by James Herbert and Simon Draper in 2017, the company provides a benefit that allows employees to receive their pay immediately through the mobile app Hastee App. This platform lets workers access up to 50% of their earned pay on demand.
Hastee funds each withdrawal, with employers reimbursing Hastee on each normal payday, meaning it does not impact companies’ cash flow at all.
The UK startup’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.
Workers using Hastee receive their first withdrawal every month, up to £100, free of charge, and further withdrawals are subject to a small, fair, and simple transaction fee of just 2.5%.
Hastee Founder & CEO, James Herbert, said:
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 organisations in reducing financial stress, increasing wellbeing and improving the productivity of their employees and, as a result, their organisations.
Main image credits: Hastee
Stay tuned to Silicon Canals for more European technology news.