Hastee has secured £208m 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.
The company’s mission is 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 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, All Bar One, O’Neill’s and Harvester.
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.”ntastic group supporting Hastee on this high impact vision.”