By Aisling Finn on Wednesday 23 September 2020
Uncapped has set its sights on rapid European expansion following the investment.
Mouro Capital, the most recent iteration of Santander’s fintech fund Santander Innoventures, has made its first investment since its rebrand with funding for European fintech Uncapped.
The fund dipped into its $400m pot to lead the $26m round, with other investors including existing backers Global Founders Capital and White Star Capital as well as new investor Spanish VC All Iron.
Several notable angels also participated in the round including, CEO and co-founder of TransferWise Taavet Hinrikus, co-founder and executive chair of LendInvest Christian Faes and chief operating officer of GoCardless Carlos González-Cadenas.
Uncapped, which is headquartered in London but based in Warsaw, provides startups with revenue-based finance from £10,000 up to £2m for a flat fee of six per cent per day.
Asher Ismail, co-founder of Uncapped, said: “Uncapped was born out of frustrations I faced launching and running my first business. I couldn’t take financing and venture capital wasn’t ideal either as I didn’t want to lose equity, so I repeatedly missed out on growth opportunities.”
“With this further funding Uncapped is ideally positioned to help hundreds of more businesses across Europe and Spain grow to their full potential.”
As it specialises in revenue-based finance, businesses only repay the capital as they generate revenue, with no repayments date, compounding interest or personal or equity guarantees.
Piotr Pisarz, co-founder of Uncapped, said: “As a VC I met hundreds of founders who had great businesses but needed a better funding model.”
“Often founders would give up equity to finance marketing and inventory expenses because they had no other choice. We started Uncapped so entrepreneurs could access funding on their terms and spend their time executing rather than fundraising.”
Following the investment, Uncapped is planning on expanding into Spain, the home of Mouro Capital, and further bolstering its own decisioning.