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UK-Based Fintech Start-up Hastee Fetches $270M In Debt/Equity Financing
UK-based fintech start-up firm, ‘Hastee’, announced that it has secured about $270 million in equity and debt financing.
Umbra Capital which happens to be a newly unveiled modern merchant bank that invests in UK-based small-to-medium enterprises, has led the equity portion of the funding, which amounted to about $20 million. While the start-up, Hastee also managed to secure a mammoth $250 million in credit line.
IDC Ventures, the venture capital arm of Grupo IDC, a Latin American investment bank has also participated in the funding process, that contributes Hastee’s second round of external capital since it was founded in 2017, when it raised a private $5.7 million seed round in May 2018.
The founder & CEO of Hastee, James Herbert says “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, James Herbert 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,” says Gustavo Diquez, Managing Partner, Umbra Capital Partners. “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.”