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Stage

Series B | Alive

Total Raised

$269.16M

Last Raised

$10.35M | 3 yrs ago

About Hastee

Hastee provides a benefit that allows employees to receive their earned pay immediately via a mobile app.

Hastee Headquarters Location

15th Floor, 6 Bevis Marks, Bury Court

London, England, EC3A 7BA,

United Kingdom

Hastee's Product Videos

ESPs containing Hastee

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTHMARKET STRENGTHLEADERHIGHFLIEROUTPERFORMERCHALLENGER
Consumer & Retail / Retail Tech

These platforms allow workers to access accrued wages before payday. Some companies do this for free, while others charge the worker a small fee that can be deducted from their next paycheck. The fee is typically far more affordable than a high-interest payday loan. Many of these tools are also beginning to incorporate related financial wellness features, such as budgeting tools and educational fi…

Hastee named as Challenger among 13 other companies, including DailyPay, Branch, and PayActiv.

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Hastee's Products & Differentiation

See Hastee's products and how their products differentiate from alternatives and competitors

  • Earned Wage Access

    Immediate access to pay as soon as it is earned (e.g. right after a shift) via the Hastee app or the Hastee VISA Debit Card. Enabled by integrations with employers' workforce management and a unique tech platform.

    Differentiation

    Instant pay-out across UK and Europe. 

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    Differentiation

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

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    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

    Differentiation

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

  • Subscribe to see more

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

    Differentiation

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

Expert Collections containing Hastee

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Hastee is included in 5 Expert Collections, including HR Tech.

H

HR Tech

4,016 items

HR tech startups are helping companies manage critical pain points in HR processes such as recruitment, automation, career development, compensation, and benefits management, through a mix of software and services.

D

Digital Lending

1,697 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.

G

Gig Economy Value Chain

155 items

Startups in this collection are leveraging technology to provide financial services and HR offerings to the gig economy industry

F

Fintech

4,862 items

Track and capture company information and workflow.

S

Store management tech (In-store retail tech)

385 items

Latest Hastee News

The Entrepreneur: James Herbert, Hastee

Oct 18, 2021

Describe your business model and what makes your business unique: Hastee is a financial health platform that helps employees to take charge of their finances. That includes providing access to a portion of their earned pay, on-demand, whenever they need it most. We also provide financial education and management tools, including savings, rewards, and cashbacks, along with budgeting tools that can help workers to better understand their finances. This can help them to make the decisions that will ultimately make their money go further. Hastee can also make a big difference when it comes to the financial health of UK workers. With financial support that increases personal liquidity and promotes positive financial habits, employees are more likely to be engaged, happier and less financially stressed, leading to an increase in productivity. One of the biggest factors that make Hastee unique is the fact we’re completely free to businesses, although employers can contribute if they wish. Our service integrates seamlessly into company payrolls and has no impact on company cash flow. Our platform is safe and secure, and because workers can only withdraw up to 50% of the amount they’ve earned in a particular month, both businesses and individuals are protected. Free financial management tools from nudge also help to distinguish Hastee, providing financial advice to employees were necessary, and helping them to take control of their finances. Check out the video below to see how Hastee works: What is your greatest business achievement to date? I’m really proud of the fact that we’re empowering businesses to help people who are suffering from personal finance-related stress. According to our Workplace Wellbeing Study, as many as two-thirds of workers (66%) are affected by personal finance-related stress, with 28% noting that finance-related stress impacts their sleep, yet fewer than one in five workplaces currently provide financial wellbeing advice. Empowering teams to reach better financial health should be a priority for every business going forward, and Hastee can help organisations to do just that, offering access to financial management support, saving, education and budgeting tools, as well as early access to earned salary. How did you fund your business? We’ve built Hastee into the business it is today using a variety of different funding sources. I invested some savings that I had myself to get Hastee up and running initially, and then we also turned to external, private investors. Due to the nature of financial services, we weren’t eligible for SEIS and EIS investments, but that actually helped us in the long run, as it meant that any investors we did manage to get onboard weren’t purely in it for the money, but because they believed in what we were trying to achieve. Since then, we’ve also received £208 million investment from Umbra Capital, IDC Ventures and others, in 2019. This has helped us to grow the business, supporting an increasing number of organisations, and helping them to reduce financial stress and increase the wellbeing of their employees. What numbers do you look at every day in your business? Like most SAS model businesses, it’s important for us to look at the engagement on our platform. Are we creating a product that users and businesses alike are engaging with, are they finding it useful and what parts of the app are they most interested in. Ensuring we are listening to what users and businesses want is critical to our success. One such example was, from the beginning we knew that financial education couldn’t just be generic content, it needed to be personalised to the user. We partnered with the best in the market, nudge, to offer that to our users free of charge. As you’d expect, MAU (monthly active users) and DAU (daily active users) are critical to learn and develop the product. To what extent does your business trade internationally? Across Europe we are giving access to Hastee to over 300,000 employees in the UK, Ireland, Spain, Italy and Portugal with many more international markets coming on to the Hastee platform by the end of 2021. Where would you like your business to be in five years? Well, we won’t be giving our complete product roadmap away! Suffice to say we see Hastee as the future of pay wrapped up in a best-in-class, holistic financial health platform which will be the epicentre of an individual's finances. What software or technology has made the biggest difference to your business? Our proprietary technology, which Hastee is built on, has been one of the overarching successes of our first few years. Managing integrations with payroll, HR and Time and Attendance systems is critical for our development and the API based systems we have produced have made that incredibly simple for our clients and for us. Although, as you can imagine, there was a LOT of work that went into getting the technology to the place it is now. Additionally, our partnership with nudge really made a big difference to the service that we offer our customers, as mentioned above. As the name hints, the technology uses nudge theory to prompt people to take positive actions around their finances, focusing on different areas of personal finance to help educate people on their overall financial skills and knowledge. As a result, it’s easier for our customers to take control of their money and their life – and that’s what Hastee is all about. Growth Challenges What is the biggest challenge you've faced in business? I think the biggest challenge I’ve had at Hastee has been changing the perception that people have about the way they’re paid. In the early days it was particularly tough convincing people that Hastee is categorically not a payday loan company and in fact, we exist to help people to get through the month without having to resort to high-interest loans or credit. We solve some of the same problems in helping people who may find themselves financial trouble, through no fault of their own, like when a boiler breaks, to get through the month, but we do so responsibly, giving people the flexibility and choice that allows them to avoid that debt spiral associated with those other forms of ‘help’. What was your biggest business mistake and what did you learn from it? Looking at my previous business, Brightsparks, the company grew a lot quicker than I expected. When I founded Brightsparks, I always had it in mind that it may just be a stopgap before I went and found a real job. I learned a lot from the experience, however, and with Hastee the whole process has been a lot more structured from the start. What one thing do you wish someone had told you when you started on your business journey? Not necessarily something I wish someone told me, but something I WAS reminded of when starting Hastee. It’s the famous Henry Ford quote – “If I had asked people what they wanted, they would have said faster horses.” Customers can easily describe a problem they're having — in this case, wanting to get somewhere faster — but not the best solution. It has allowed me, and us all at Hastee, to be brave with our decisions and to challenge the status quo. The pandemic has provided a catalyst for change, and we’ve welcomed a host of new customers, including the South London and Maudsley NHS Foundation Trust, giving over 5,500 NHS workers early access to their pay. We’ve also waived the fees for NHS workers, helping to reduce financial stress at a time when many staff are facing increased pressures at work and home. How has the pandemic affected the market you operate in? COVID-19 has brought financial health to the fore, as workers re-evaluate their priorities. Monthly payroll is no longer fit for purpose, with 33% of 25-34 year olds relying on personal savings to manage extra expenditure between pay days. Our Workplace Wellbeing Study has also highlighted the fact that more and more people are looking for roles that provide flexible payment models, with 40% of respondents explaining that flexible payment options would help them to avoid relying on high-cost credit. The pandemic has provided a catalyst for change, and we’ve welcomed a host of new customers, including the South London and Maudsley NHS Foundation Trust, giving over 5,500 NHS workers early access to their pay. We’ve also waived the fees for NHS workers, helping to reduce financial stress at a time when many staff are facing increased pressures at work and home. Personal Growth Did you study business or learn on the job? I actually studied Economics at Durham University, but it was my experience when studying that really made me want to set up my own business. As a student, I noticed it was particularly difficult to find suitable jobs. The majority of available roles lacked flexibility and were almost impossible to fit around studies, lectures and student life in general. This led me to found Brightsparks in 2003, helping students to find temporary event work that’s exciting, flexible and can look great on a CV. I’ve been learning ever since, building on my experience at Brightsparks to eventually create Hastee in 2017, and even now I’m happy to report that every day remains very much a school day. What would make you a better leader? One thing I’ve always found challenging is the need to balance professional and personal life, juggling demands on time and resources across the business with a young family, and this continues to be an ongoing challenge. As my family grows, I’ve realised the importance of having a team you can trust and rely on. Time and resource management is clearly a huge part of running a successful business, and I firmly believe that working more closely with the people around me, and handing more responsibilities to other team members at Hastee, can play a large part in helping me to become a better leader, along with helping Hastee and its employees to grow. One business app and one personal app you can’t do without? Spotify – I have a very eclectic music taste (as I am told by all the team in the office!) and so without Spotify, I couldn’t share that with them all! A business book or podcast that you think is great: I enjoy listening to the ‘Searching for Mana’ podcast on a frequent basis and have previously been invited on to discuss Hastee with Lloyd. For those working in the finance/fintech industry, it has a bit of everything. Finally, what’s the most important piece of advice you would give to an entrepreneur starting a business? It’s not just about working hard – if you want to be successful, you’ll need to work smart, too. Find something you’re passionate about, and you’ll find it far easier to put the hours in when it matters most. Share this post Ross has been writing for Startups since May 2021, specialising in sustainable business and telephone systems. He also runs the successful entrepreneur's section of the website. He's previously written for Conde Nast Traveller and the NME and is passionate about music, sustainability, and travelling. Follow him on his Twitter - @startupsross for helpful business tips. About Us Startups was founded over 20 years ago by a serial entrepreneur. Today, our expert team of writers, researchers, and editors work to provide our 4 million readers with useful tips and information, as well as running award-winning campaigns. We interview successful entrepreneurs from all over the UK, celebrating their achievements, hard work, and determination to get to where they are today. This article was authored by:

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  • Where is Hastee's headquarters?

    Hastee's headquarters is located at 15th Floor, 6 Bevis Marks, Bury Court, London.

  • What is Hastee's latest funding round?

    Hastee's latest funding round is Series B.

  • How much did Hastee raise?

    Hastee raised a total of $269.16M.

  • Who are the investors of Hastee?

    Investors of Hastee include Umbra Capital Partners, Fuel Venture Capital and IDC Ventures.

  • Who are Hastee's competitors?

    Competitors of Hastee include QRails, ZayZoon, Wagestream, Payflow, DailyPay and 13 more.

  • What products does Hastee offer?

    Hastee's products include Earned Wage Access and 3 more.

  • Who are Hastee's customers?

    Customers of Hastee include Mitchells & Butlers, PayPal and McDonald's.

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