Umbra leads $20m round for Hastee

Umbra is a corporate finance advisory firm that also makes investments across the capital structure.

IDC Ventures, as well as other undisclosed investors, also joined the round.

In addition to the equity investment, Hastee has received a $250m credit line from the investors. The company intends to use most of the investment to fund withdrawals, as well as to develop and grow its product.

Previous funding
Undisclosed investors contributed $5.7m to the company in May 2018.

Company
Founded in 2017, the Hastee app allows workers to access up to 50% of their pay on demand. Based in London, the company funds withdrawals, while employers reimburse the company on each normal pay day. Customers include London City Airport, Hg-backed Iris Software, Avery Care Homes, Mitchells & Butlers, All Bar One, O'Neill's and Harvester. It employs 48 people.

People
Umbra Capital Partners – Gustavo Diquez (managing partner).
Hastee – James Herbert (founder, CEO).

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