London-based Fintech Startup Hastee Snaps Up $270M In Debt & Equity For Fast Pay
Summary
Hastee, a London-based on-demand wages app, announced this morning it has secured about $270 million in equity and debt financing. Umbra Capital (a one-year-old self-described modern merchant bank that invests in UK-based small-to-medium enterprises) led the equity portion of the funding, which amounted to about $20 million. Hastee has seen rapid early growth, with CEO and co-founder James Herbert telling Crunchbase News via email that Hastee’s revenue grew by 1100 percent from December 2018 to November 2019. The Hastee app allows workers to immediately access up to 50 percent of their earned pay at any point during a month with the goal of “bringing financial freedom to workers across the UK.” According to Hastee, the nation is “reliant” on high-cost credit such as payday loans, credit cards and overdrafts. Customers include London City Airport, Avery Care Homes, and Mitchells & Butlers, one of the largest operators of restaurants, pubs and bars in the United Kingdom, according to Hastees.