Acquisition consolidates leading ‘flexible pay’ provider to benefit all sizes of customer and accelerate the modernisation of pay
LONDON, UK, 12th November, 2020: Hastee, the leading earnings on demand company, has agreed to acquire Typs, their Spanish counterpart, to accelerate growth across Southern Europe and beyond.
The deal combines two leading Earnings on Demand companies, both providing comprehensive employee financial health platforms, to create a group that will support people and organisations across the UK and Europe.
With the effects of COVID-19 further compounding existing trends of financial stress and liquidity problems, this comes at a time when the need for solutions to improve peoples’ financial health is more critical than ever. Despite 66 per cent of the workforce being affected by finance related stress in 2020, only 18 per cent of workplaces offer financial wellbeing initiatives to staff. Such schemes can have a major impact on staff’ mental and physical health, as well as retention and productivity.
Over half of workers (59%) say greater flexibility over access to earnings would reduce their reliance on high-cost credit options, with 52 per cent more likely to stay with an employer offering these benefits.
Hastee currently works with organisations including the NHS, Mitchells & Butlers plc, and London City Airport. The new group will now be improving the financial health of over 250,000 workers. Organisations benefit from the improved productivity generated by a financially healthier and happier workforce. As illustrated in a recent study by VISA, one of Hastee’s strategic partners, other organisations are likely to follow suit with 67 per cent of HR managers evaluating the implementation of financial health solutions for their staff.
“The financial health crisis affecting the workforce is not restricted to the UK, and it has always been our mission to support employees and organisations internationally.” James Herbert, the Founder and CEO of Hastee, said, “In Typs we have found a great team who share both our values and mission, and a complementary organisation that provides a foothold in Southern Europe to accelerate our expansion across Europe and beyond.”
Jaime Jimenez, CEO and Co-Founder of Typs, stated that “Joining forces with Hastee will truly benefit our clients and their employees. We are now positioned to implement our leading financial wellbeing solutions internationally, providing employees with access to the most comprehensive set of tools and resources to help avoid financial stress, and provide the most value to their organisations.”