Hastee, a London-based FinTech startup, has raised €243mn.
In Brief:
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The company offers a ‘financial wellbeing’ solution which allows workers to access their salary more quickly.
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Investors include IDC Ventures and Umbra Capital.
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A large number of the firm’s customers are in the hospitality sector.
What does this mean?
Initially these kind of offering sound the same as an interest-free overdraft, but they actually deal with the employer as opposed to a bank. Hastee pays employees up to 50% of their wages on demand and is then reimbursed by the employer on payday, which means cash flow is not impacted.
