Hastee secures £208m investment
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.
The funding was led by Umbra Capital and supported by IDC Ventures and others.
The startup lets workers access up to half of their earned pay on demand, via an app. Hastee funds each withdrawal, with employers reimbursing it on each normal pay day, meaning it does not impact companies’ cash flow at all.
Hastee’s customers so far include London City Airport, IRIS, Avery Care Homes, and Mitchells & Butlers, one of the largest operators of restaurants 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 transaction fee of 2.5 per cent.
For employers, the solution is free to offer and integrates with existing HR and payroll processes.
“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,” said founder and chief executive 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.”
Bobby Aitkenhead, managing partner at IDC Ventures, added: “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."
To learn more – please read the 2019 Digital Trends: Financial Services in Focus report. Download here