Capital on Tap, Wagestream, MOOT and Fluid work Pick Up Tech Funding

A small business funding provider, a financial wellbeing app, an e-commerce technology platform and an SaaS company make progress.

There’s momentum in London and Stafford with Capital on Tap, Wagestream, MOOT and Fluid.work getting tech funding.

All are based in London, except for MOOT which is headquartered in Stafford.

Capital on Tap has secured a $200 million (£152 million) funding facility with HSBC and Värde Partners for its big US ambitions for small businesses.

Financial wellbeing app Wagestream has closed a $175 million (£133 million) Series C funding round as it targets expansion in North America and beyond.

Espresso Capital has provided MOOT, an e-commerce technology platform, with a £12 million credit facility. The company will use the funds for growth plans in the UK and abroad.

SaaS company Fluid.work (aka Fluid Business Solutions UK) has secured a £2 million investment from Manchester-based venture capital investor Praetura Ventures.

Capital Certainly on Tap 

Capital on Tap launched in 2012 and has provided access to over $5 billion (£3.8 billion) of funding for more than 125,000 SMEs across the UK and US.

The fintech firm made Atlanta its American home when it launched the Capital on Tap Business Credit Card in March 2021. It has 50 employees in the Atlanta office and is actively recruiting more than a dozen more.

Aneek Mamik, Partner and Global Co-Head of Financial Services, Värde Partners, adds: “We are pleased to establish a partnership with Capital on Tap as they continue successfully expanding by making available faster and simpler working capital and payments tools to empower business owners.”

Wagestream’s Dream

Wagestream was founded in 2018 by Peter Briffett (CEO), Portman Wills (CTO) and a group of financial charities to give people access to financial services, delivered through their employer, and built around flexible pay (also known as earned wage access).

Workers access Wagestream through participating employers, who subsidise the service. The app syncs with payroll systems and allows employees to access and manage their income – either directly through the app, or as an integration with workforce management technology partners.

Additionally, the app provides users with a variety of financial services. For example, people can choose how often they’re paid, track their shifts and pay each day, build savings and win prizes, access free financial coaching, and get deals on products – like insurance and utilities.

The funding round was led by new investors Smash Capital. It also includes new investors BlackRock, joined by follow-on investments from existing shareholders Balderton Capital, Northzone, charity fund Fair By Design and new financing from Silicon Valley Bank.

People seem keen on Wagestream as the fintech firm says more than one million workers in industries such as retail, hospitality and healthcare are currently able to use the app through employers including Burger King, Pizza Hut, Crate & Barrel, Bupa and the NHS.

MOOT Point

MOOT provides an Ecommerce as a Service (EaaS) platform for other e-commerce companies while also selling its own luxury furniture e-commerce brand, Olivia’s, direct to consumers. The company is taking on the likes of Shopify and WooCommerce.

The tech firm’s CEO, Nick Moutter, says the capital from Espresso will be used to expand the functionality of its EaaS stack, add 80 new roles and be used for M&A activity overseas. (It currently has 36 employees listed on LinkedIn.)

MOOT was founded in 2019 and has some notable clients listed on its website. Names include ASOS, Bosch, Ducati, French Connection and Timberland.

Fluid.work-s Well

According to Fluid.work, the investment will be used for recruitment, marketing activity and to target global expansion.

The tech firm provides a business management tool and collaboration software to businesses, such as professional and financial services, retail and insurance industries. Its clients include Herbalife, Investec, Santander and Walmart.

The platform uses custom automated workflows, automated presentation creation, interactive dashboards, work hubs, resource management, intuitive integrations, reporting and tracking systems.

Fluid.work explains: “In a buoyant employment market, work-life balance continues to play a major role for businesses looking to attract and retain talent. By automating low value tasks, the Fluid.work system aims to give employees back their time for more fulfilling activities in their working day.”

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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