London-based Hastee, a solution that allows workers to receive their pay whenever and wherever they want, has secured more than €243 million. The funding was led by Umbra Capital and supported by IDC Ventures, among others, and will be used to further develop their solution which enhances choice and financial wellbeing.
Hastee, founded in 2017, has a 2-direction solution which targets both employees and companies. They aim to solve employees’ reliance on high-cost credit (most notably payday loans, credit cards and overdrafts) and provide fairness and financial freedom to workers. On the other side, companies benefit from the increased productivity, engagement & retention of their workers, with no cost or impact on company cash-flow. Companies can also choose to restrict the availability for their staff to below 50% should they need.
So, how does it work? Via the Hastee App, workers can access up to 50% of their earned pay on demand. Hastee funds each withdrawal, with employers reimbursing Hastee on each normal pay day. More specifically, workers can receive up to more than €115 free of charge for their first withdrawal, with further withdrawals subject to a small transaction fee of 2.5%.
Hastee Founder & CEO, James Herbert said: “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. 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’s customers include a variety of major players, such as 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.