Uncapped, a Warsaw-based and London headquartered startup that needs to offer “income-based” money to developing businesses in the Europe, is formally launching this week and revealing that it has lifted £10 Million in funding.
The fund is a combination of debt and equity funding (money it can employ for loaning), and views the fintech firm supported by White Star Capital, Global Founders Capital, and Seedcamp.
The media also learnt that a number of angel investors also took part in this. They comprise Carlos Gonzalez-Cadenas (GoCardless COO), Robert Dighero (Passion Capital partner), and Kevin Glynn and David Nolan (Butternut Box founders).
Established by Asher Ismail (the serial entrepreneur who was lately CEO of Midrive), and ex-VC Piotr Pisarz, Uncapped has set out to employ different sales, marketing, and accounting data to be capable of offering finance for small businesses on the basis of their present (and planned) revenue.
Particularly, Uncapped claims it will allow founders to access operating capital in the tune of £10,000 to £1 Million for 6% of flat fee. It is being pitched as a smart option for increasing firms that do not need to offer away equity in return for capital to assist develop.
“The first move that entrepreneurs require to make when lifting find is whether to offer away a part of equity in their firm, or take on loan,” clarifies Ismail. “Equity is a very expensive and slow manner to fund development, while loans include additional danger. We are making an option that resides between equity and debt financing, while providing the advantages of both. We began Uncapped so that businesses would not have to give up a portion of their firm or their house”.
Ismail claims that Uncapped offers entrepreneurs with authorization to capital without the requirement for “credit checks, personal guarantees, equity, or warrants.”