Mouro Capital, the $400 million successor fund of Santander InnoVentures, has led a $26 million financing round in Uncapped.

All Iron Ventures, along with existing investors Global Founders Capital, Seedcamp and White Star Capital also participated. They were joined by notable European angel investors Taavet Hinrikus from Transferwise and Carlos González-Cadenas from GoCardless, among others.

Uncapped’s technology provides founders with growth finance for a flat fee of six per cent a day. Businesses only repay the capital as they make revenue with no set repayment date and no compounding interest, equity or personal guarantees. Uncapped is available to businesses that take online payments, have at least €10,000 of monthly sales and a trading record of at least six months.

This funding announcement comes following huge demand from European entrepreneurs, with Spain being the next target market.

Uncapped is the first investment by Mouro Capital, the fund targeting early to growth FinTech investment opportunities across Europe, North America and Latin America and recently spun-out of Banco Santander.

General partner Manuel Silva Martínez said: “We’re proud for Mouro Capital’s first investment since launch to be in Uncapped - there is no better moment to be building for the digital economy."

Asher Ismail, co-founder of Uncapped, added: “Uncapped was born out of frustrations I faced launching and running my first business, I couldn’t take financing and venture capital wasn’t ideal either as I didn’t want to lose equity, so I repeatedly missed out on growth opportunities.

"With this further funding Uncapped is ideally positioned to help hundreds of more businesses across Europe and Spain grow to their full potential.”

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