Hastee is an award-winning employee benefit which empowers employees to receive their earned pay immediately via our mobile app, increasing their choice and financial wellbeing. Workers can choose to receive up to 50% of their gross pay for the work they have completed; it is income smoothing of their earned pay, not a loan. Companies may choose to restrict the availability for their staff to below 50% should they wish/need. Hastee does not charge interest, just a low and simple fee.
Companies profit from the improved recruitment, retention, engagement and productivity of their workforce. This is at no cost to the employer (unless they wish to contribute as a paid benefit) and has no impact to company cash flow (Hastee funds the advances, with the company reimbursing them when they pay their staff as normal).
Giving access to earned pay only, Hastee is a meaningful benefit that can be made available to all staff, including salaried, temporary, variable and gig workers.
bespoke debt facility and equity investment.
Umbra Capital Partners was mandated to arrange a +£100m debt facility for Hastee to allow registered employers to advance their employee's earned pay, on demand.
We ran a competitive process and there was significant interest from debt funds and banks. However, in order achieve maximum flexibility, 100% LTV and minimal dilution, we created a £200m dedicated Hastee debt fund, which entered into a bespoke, flexible revolver credit facility to fund the salary advances. The facility is short duration, insured and secured against payroll receivables. Umbra invested alongside a private bank, families and multi-family offices.
Additionally, we invested a significant minority stake in the business via a combination of own funds and value added members of the Umbra family (with connections to large employers) and rolled the majority of our advisory fees into equity.
We are very excited about the economic and social impact of this transaction and believe every employee should – and will – have access to their earned pay as soon as they earn it, and avoid expensive payday loan providers.