London, 01 December 2019 – Hastee has secured £208 million of investment to fund the development and growth of its financial wellbeing solution that gives workers immediate access to their earned pay. This funding is led by Umbra Capital and supported by IDC Ventures and others.
Hastee is on a mission to solve the nation’s reliance on high-cost credit, most notably payday loans, credit cards and overdrafts, by providing fairness and financial freedom to workers. Its award-winning financial wellbeing benefit lets workers access up to 50% of their earned pay on demand, 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 at all.
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.
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%. There is no interest and no possibility of getting into a negative financial spiral with Hastee, as the balance is settled in every month’s payroll. It is further complemented by an extensive financial education hub.
For employers, the solution is completely free to offer and integrates seamlessly with existing HR and payroll processes. It reduces staff turnover and absenteeism, while increasing employee engagement and company productivity. Companies can choose to contribute towards the cost.
“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 & 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.”
“Hastee’s “Liquid payroll” solution will transform how people spend and control their personal finances,” Says Bobby Aitkenhead, Managing Partner, IDC Ventures. “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.”