Data-driven financing firm Uncapped has secured 拢10m in funding for its product, which helps European founders raise growth finance without credit checks, personal guarantees, warrants, equity, or interest.
Founders using Uncapped can raise working capital between 拢10k and 拢1m at a flat fee of 6 per cent.
The firm鈥檚 investors included Seedcamp, Global Founders Capital and White Star Capital.
The product is available from today to European businesses who take online payments and have at least nine months of trading history.
Its technology connects to the companies鈥� existing marketing and sales accounts such as Google Ads and Stripe to make data-driven decisions.
Headquartered in London with offices in Warsaw, it was founded by serial entrepreneur Asher Ismail, and venture capital investor, Piotr Pisarz, who were frustrated by the limited funding options available to European entrepreneurs.
Ismail said he didn鈥檛 want another founder to have to pay compounding interest, risk losing their home, or give up more equity in their company than they should.
鈥淎s a founder, I鈥檝e raised money from angel investors, VCs, crowdfunding and banks, but was struck by the lack of a revenue-based solution in Europe,鈥� he said.
鈥淓urope鈥檚 entrepreneurs need access to more innovative funding models and we鈥檙e committed to helping founders win by pioneering a fair and transparent approach at Uncapped.鈥�
Pisarz added: 鈥淗aving spent a lot of my career in venture capital, I鈥檝e always been shocked at just how little equity founders end up with.
鈥淓quity is the most expensive way to fund a company鈥檚 growth, it takes a long time to raise, and can mean founders end up losing control of their companies.
鈥淲ith European companies monetising sooner than ever, we know that founders deserve a more creative and affordable solution.鈥�