Hastee has secured an investment of £ 208 million to fund the development and growth of its financial wellbeing solution that gives workers instant access to their deserved wages.
The round of funding was led by Umbra Capital and supported by IDC Ventures and others.
Hastee is committed to resolving the country’s reliance on high-priced loans, particularly payday loans, credit cards and overdrafts, by offering fairness and financial freedom to workers.
With the award-winning Financial Wellbeing Benefit, employees can access up to 50% of their earned wages on demand through the Hastee app. Hastee funds every withdrawal, with employers reimbursing Hastee on every normal payday, which means it doesn’t affect the companies’ cash flow at all.
Workers using Hastee receive their first payout up to £ 100 free each month and further payouts are subject to a small, fair and simple transaction fee of just 2.5%.
The solution is completely free for employers and can be seamlessly integrated into existing HR and payroll processes. It reduces staff turnover and absenteeism while increasing employee engagement and company productivity. Companies can contribute to the costs.
“We are delighted that our investors, led by Umbra, have chosen to partner with us to bring financial freedom to people across the country,” said Hastee Founder and CEO James Herbert.
“This investment will help us to help a greater number of organizations reduce financial stress, increase well-being and improve the productivity of their employees and thus their organizations.”
Gustavo Diquez, Managing Partner of Umbra Capital Partners, said, “We are proud to work with Hastee to provide this funding, which includes both equity and a unique credit facility to support their mission to improve people’s lives, improve company productivity and socialize well on scale.
“As a modern commercial bank, we are delighted to lead one of the largest fundraising to date in the field of data-driven finance, which brings together technology and socially responsible capital.”
“Hastee’s Liquid Payroll solution will change the way people spend and control their personal finances,” said Bobby Aitkenhead, managing partner at IDC Ventures.
“We couldn’t be more excited to join James and the fantastic group that is helping Hastee with this influential vision.”