A revenue-based finance provider headquartered in London has raised £57 million.
FinTech Uncapped, behind a platform for online companies to fund their growth and inventory costs, has now raised a total of $120m.
The latest round was led by Lakestar, with participation from existing investors including Mouro Capital, Global Founders Capital, White Star Capital, Seedcamp and All Iron Ventures.
The company, only founded in 2019, will build new products and services, and increase its headcount from 35 to 100 people by the end of the year, with a focus on engineering and product roles.
It advances cash between £10,000 and £5m for a flat fee as low as 6%. Businesses only repay the capital as they make revenue with no set repayment and no compounding interest, equity or personal guarantees. No credit checks or business plans are required.
Last year it also began offering Visa cards to customers, a project it intends to expand.
“We want to help digital entrepreneurs with quick access to funding, insights that help their business grow, rewards they actually care about, and modern integrations that will save them time and money,” said co-founder Piotr Pisarz.