UK-based fintech startup Uncapped, which bills itself as Europe’s first revenue-based finance provider, has closed a $26 million financing round - including debt and equity - led by Mouro Capital (the $400 million successor fund of Santander InnoVentures).
Spain-based VC All Iron Ventures and existing investors Global Founders Capital, Seedcamp, and White Star Capital also participated, as did notable angel investors such as Taavet Hinrikus (Transferwise) and Carlos González-Cadenas (GoCardless).
Uncapped provides founders with growth finance for a flat fee of 6% in only a day. Businesses only repay the capital as they make revenue with no set repayment date and no compounding interest, equity or personal guarantees.
The company was founded in 2019 by entrepreneur Asher Ismail and VC investor Piotr Pisarz.
Says Ismail: "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."