By Oliver Smith on Thursday 20 May 2021
Only founded in 2019, the business has now raised $120m from its investors.
Funding online companies is a lucrative business, as lender Uncapped is finding after raising an additional $80m just two years after it was founded.
Last year Uncapped raised $26m from backers, including Santander’s Mouro Capital, Global Founders Capital and White Star Capital.
Today the group topped its coffers up with the help of Lakestar and its existing investors, cash that will be used to take Uncapped’s headcount from 35 to 100 this year and develop several new products.
Currently, Uncapped lends working capital to online businesses with at least six months of trading activity and revenues of at least £10,000/month, and extends capital of anywhere between £10,000 and £5m.
Repayments are based on revenue and the cash comes with a flat fee which doesn’t compound.
In the future Uncapped is planning to launch a range of credit products as well as offering financial insights for its customers based on their cash flow.
“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.
Last year Uncapped also began offering Visa cards to its customers, letting them access their cash faster, a project the company says will also be expanded.