UK-based fintech lender Uncapped has expanded its portfolio by acquiring gaming focused lender Sugar.
Fintech lender Uncapped has acquired Sugar, a specialist finance provider for gaming and digital apps.
Uncapped said the acquisition gives it a foothold in the gaming and apps market, and that Sugar offers a “strong portfolio” of eligible businesses who will now be able to access more funding opportunities via Uncapped.
According to its website, Sugar’s clients include Guildford-based studio Glowmade, Matchingham Games, Another Place, and iGP Games.
Uncapped, which has offices in London and Warsaw, offers “revenue-based” finance to businesses, which it claims enables founders to raise capital without sacrificing their equity to external investors.
The fintech, founded in 2019, provides zero interest loans of between £10K to £10M to online businesses, which it says is then repaid from sales revenues, and it currently specializes in lending to sectors such as ecommerce and SaaS businesses.
The news follows Uncapped making several senior hires to support its growth over the past year.
The fintech has undoubtedly been successful in terms of raising investor capital, last month it secured $80 million of combined debt and equity funding to launch a suite of banking services.
The investment was led by Lakestar, and previous investors including All Iron Ventures, White Star Capital, Global Founders Capital, and Mouro Capital also joined the round.
Piotr Pisarz, CEO at Uncapped, said he was excited to help more businesses access fast flexible finance via the Sugar acquisition.
“In Sugar we’ve found a like-minded team with a complementary business model and an equal passion to help businesses grow,” Pisarz added.