The Hastee app allows workers to immediately access up to 50 percent of their earned pay at any point during a month. Hastee funds employee withdrawals on behalf of the company, with employers reimbursing Hastee on the “normal payday.” The app is solving a real problem: the majority of UK workers are said to rely on credit, and by giving workers earnings on demand, employees avoid taking on loans to carry them over to payday.
Hastee differs in that its service is completely free for employers, who contribute on a voluntary basis, meaning it has no effect on businesses' cash flow. However, the company faces competition from other payday startups such as WageStream, Even, Earnin and PayActive in an increasingly crowded field. Gig economy employers like Uber and Lyft already have features that allow drivers to cash out immediately after they drive.
Hastee is making moves to set itself apart, in 2020 through the acquisition of Spanish-owned Typs, an earnings-on-demand company. This will allow the company to support organisations across Europe, vastly widening its market.
Steph
Company Specialist at Welcome to the Jungle