UK-based fintech startup Uncapped, which bills itself as Europe’s first revenue-based finance provider, has acquired finance provider for gaming and digital apps Sugar to gain a foothold in the gaming and apps market. Sugar will continue to trade under the new brand Sugar powered by Uncapped.
Sugar, which stands for ‘Scale Up your Games and Apps Revenue’, offers quick, automated debt finance for the gaming industry, allowing game and app studios to grow without giving away equity. Uncapped provides specialised flexible loans for e-commerce ranging from from £10,000 to £10 million. The revenue-based financing model means the advance is only repaid when sales are generated. If revenue slows, so do repayments, allowing businesses to maintain complete control and flexibility. The fintech startup had raised $26 million in debt and equity funding in 2020.
The acquisition will bring allow Sugar’s strong portfolio of eligible businesses to access more funding opportunities via Uncapped.
Piotr Pisarz, CEO at Uncapped said: “Uncapped exists to help founders win, so we are extremely excited to help more businesses access fast flexible finance through this acquisition. In Sugar we’ve found a like-minded team with a complementary business model and an equal passion to help businesses grow.”
Matt Frenchman, Sugar CEO added: “Partnering with the team at Uncapped makes huge strategic sense. We have made real progress in the games and app market to date and are very excited to work with the Uncapped team to fund more great companies. Their approach to technology, finance expertise and their vast geographic reach are deeply impressive.”
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