‘Earnings on demand app’ Hastee banks £208m investment

Ben Heathcote

In App Deals. December 2, 2019

Hastee, a London-based financial wellbeing app that gives employees immediate access to their earned pay, has secured £208 million of growth investment. The round is led by Umbra Capital and supported by IDC Ventures and others.

The London-based startup has built a solution that integrates seamlessly with existing HR and payroll processes and provides workers with access of up to 50% of their earned pay on demand. Hastee has already attracted customers including 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.

“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.”

Hastee claims that its platform reduces staff turnover and absenteeism, while increasing employee engagement and company productivity. It also argues that each withdrawal is funded by Hastee, meaning that it does not have an impact on an employer’s cash flow.

Gustavo Diquez, managing partner at lead investor Umbra, added:

“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.

“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.”