Online payroll platform Hastee has secured £208m in a round led by Umbra Capital.

The funding is set to increase the scale of the London-based firm’s on demand solution, which allows workers to take a portion of their earned pay on demand.

The platform is pitched as an alternative to high-cost credit, payday loans, and overdrafts.

It allows workers access to up to half of their earned pay on demand, via the Hastee App.

Hastee funds each withdrawal, with employers reimbursing Hastee on each normal pay day.

The firm’s customers include London City Airport, IRIS, Avery Care Homes, and Mitchells & Butlers, one of the largest operators of restaurants, pubs and bars in the UK with brands including All Bar One, O'Neill's and Harvester.

Workers using Hastee receive their first withdrawal every month, up to £100, free of charge and further withdrawals are subject to a fee of 2.5 per cent.

The firm, which rebranded from Hastee Pay to Hastee in October, also offers a financial education hub alongside its financial product.

"We are delighted that our investors, led by Umbra, have chosen to partner with us as we bring financial freedom to people across the country," said Hastee founder and CEO James Herbert.

"This investment will help us support a greater number of organisations in reducing financial stress, increasing wellbeing and improving the productivity of their employees and, as a result, their organisations."

Gustavo Diquez, managing partner at Umbra Capital Partners added: "As a modern merchant bank, we are delighted to lead one of the largest fundraisings in the data-driven financing space to date, bringing together technology and socially responsible capital."