Outfund vs Uncapped: the one that still writes it, and the one that stopped
By the CapExpand team
Reviewed by Alex Beardsley, Founder · UK commercial finance broker
Facts checked 7 September 2026 · first published 7 September 2026
Read against out.fund’s live UK pages, an Internet Archive capture of Outfund from July 2025, weareuncapped.com via Internet Archive captures, and both companies’ Companies House filings.
Provider A
Outfund
Still writing revenue-share, £10k to £500k
Provider B
Uncapped
Stopped writing it in 2023; fixed-term loans since
In 2023 Uncapped published a post announcing that it had stopped selling revenue-based finance. It listed the providers that still offered it, and Outfund was one of the names. Three years on, that post is the cleanest summary of the difference between these two companies anyone has written, including us. Outfund still funds against a share of revenue. Uncapped sells fixed-term loans and a credit line and describes its old product, in that same post, as the potentially misleading option.
What has happened since is that each one moved in the opposite direction. Outfund cut its advertised ceiling from £10 million to £500,000, dropped its revenue floor from £25,000 a month to £10,000 and halved its minimum trading history, while its headcount fell from 38 to 12 and the business changed hands. Uncapped went the other way, halving its loan book and telling its auditors it had shifted from large to mid-market loans, with a homepage floor of £100,000 a month. They now sit at opposite ends of a market they were once both selling into.
The 60-second answer
Outfund tends to fit if
- You want repayments that follow your sales, which is the only product across these two that still does that
- You turn over about £10,000 a month and have six months of trading, which is a tenth of Uncapped’s main floor
- You need £10,000 to £500,000 and no director will give a personal guarantee
- You are registered in the UK, Spain or Germany and sell through Stripe, Shopify, PayPal, Adyen or WooCommerce
- You want a published fee example to price your offer against before you apply
Uncapped tends to fit if
- You are a limited company doing £100,000 a month or more, or an Amazon seller at £10,000 a month
- You want the whole cost known before signing and a term that can run to 24 months
- You need more than £500,000, which is above everything Outfund now advertises
- You want a facility to draw on, priced as a fixed APR from 10.99% and charged only on the balance you use
- You would rather deal with a lender that has 35 staff and a facility running to May 2027
The overlap is narrow and it sits between about £100,000 and £500,000 for a limited company doing six figures a month online. Below that only Outfund will look at you unless you sell on Amazon. Above it only Uncapped can write the cheque.
At a glance
| Feature | Outfund | Uncapped |
|---|---|---|
| Legal entity | MTL Financial Ltd (10923992), trading as Outfund, Covent Garden | Uncapped Ltd (12258266), with lending through Uncapped Finance Ltd, II and III |
| Ownership | VVOF Holdings Limited, Ireland, since August 2025; accounts name no ultimate controlling party | Piotr Pisarz named as ultimate controlling party; Mouro Capital the largest shareholder |
| Founded | 2017, by Daniel Lipinski, who left the board on 1 September 2025 | 2019, by Asher Ismail and Piotr Pisarz; Ismail left the board in November 2023 |
| Still writing revenue-based finance? | Yes, as one of two repayment options under a single facility | No. Withdrawn in 2023, replaced by fixed-term loans and a credit line |
| Range | £10,000 to £500,000; the funding page says £10,000 to £300,000 | £100,000 to £2m on the homepage; £10,000 to £10m on the product pages |
| Pricing | One fee, no interest; the offer builder shows 6.8% on £150,000 over 9 months | Fixed fee 0.7% to 1.5% a month, average 1%; credit line APR from 10.99% |
| Term | 3, 6, 9 or 12 months | Up to 24 months |
| Repayment | Direct debit, daily or weekly, either a share of revenue or a fixed amount | Fixed daily, weekly or monthly direct debit; the credit line repays every 14 days |
| Minimum trading | 6 months; the July 2025 site said 12 | 6 months |
| Minimum revenue | £10,000 a month; the July 2025 site said £25,000 | £100,000 a month; £10,000 for Amazon sellers; £500,000 for the credit line |
| Business structure | Not stated on the site | Limited companies only; sole traders are not eligible |
| Countries | UK, Spain and Germany | UK among others; the published country lists disagree with each other |
| Personal guarantee | “No mandatory personal guarantees”, with a customer choice of “security level” | None; no equity, no warrants |
| Latest accounts | FY to 31 Jan 2025: turnover £6.7m, loss £7.0m, average staff 12 (from 38) | FY to 30 Apr 2025: loss £10.4m, loan book £36.4m from £72.7m, average staff 35 |
Published criteria as at 7 September 2026. Outfund’s pages were read live; Uncapped’s UK pages come from Internet Archive captures dated September to November 2025 because the live site blocks automated reads. Every figure is subject to the lender’s own checks.
The post that set the two apart
Uncapped's announcement, online by 30 September 2023, is short and unusually direct. It says the company made the easy decision to stop offering revenue-based finance entirely, that it had not offered the product for over a year unless a customer expressly asked for it, and that no new revenue-based deals were underwritten in 2023. It names Wayflyer, 8fig, Shopify, PayPal and Outfund as providers that still offered it. And it calls the product the potentially misleading option, which is a striking phrase from a company that had built its brand on it.
Outfund did not stop. Its 2026 site offers a single facility with a choice between a share of revenue and a fixed repayment, both collected by direct debit over 3, 6, 9 or 12 months. So if you searched for revenue-based finance and landed on a page comparing these two, the honest answer is that only one of them sells the thing you searched for. Uncapped's FAQ says as much: it no longer offers revenue based financing and instead offers fixed term loans and a line of credit. Every article still describing Uncapped as a revenue-based lender is describing the 2021 company. Our revenue-based finance hub tracks which UK lenders are still in the category and which have quietly left it.
Who Outfund actually is
Outfund is a trading name of MTL Financial Ltd, incorporated in August 2017 and registered in Covent Garden. Daniel Lipinski founded it, raised £37m led by Fuel Ventures in December 2020 and a £115m Series A in April 2022, and inherited Clearco's UK and Irish clients when Clearco pulled out of Europe in August 2022. For two or three years it was the default British answer to a brand asking for money against its sales.
The product today is one facility with two repayment styles, priced as a single fee with no interest, over 3, 6, 9 or 12 months. Criteria are six months of trading and roughly £10,000 a month coming in, for businesses registered in the UK, Spain or Germany. Underwriting runs off read-only Open Banking access plus whichever of Stripe, Shopify, PayPal, Adyen, WooCommerce, Xero or QuickBooks you use; Amazon is not on the list. The credit check at underwriting is soft. Capital is paid into an Outfund wallet with a virtual card rather than straight to your bank, and once you have repaid roughly a third of a facility you can apply to top it up. Our Outfund review goes through the wallet and the terms in more detail.
The company behind it changed in August 2025. Outfund is now part of VVOF Holdings Limited, an Irish company that its accounts name as both immediate and ultimate parent, in a group with Viceversa, a Milan and Dublin embedded-finance platform; the site footer now reads Milan, Dublin and London, and one of the products on offer is an embedded facility called Bridge, powered by Viceversa. One director remains on the UK company, appointed in August 2025 and resident in Ireland. Alongside the lending Outfund gives customers a free analytics tool called PULSE, covering forecasting, cashflow and marketing data. None of this changes what a borrower repays, but it explains why the shop window looks different from the one people remember.
Who Uncapped actually is
Uncapped Ltd was founded in London in 2019, raised £10m at launch and $26m from Mouro Capital in 2020, and now sells three things. Fixed Term Financing is a loan at a fixed fee of 0.7% to 1.5% a month, with 1% quoted as the average and no interest on top, for brands at £100,000 a month or more, over a term of up to 24 months. Funding for Amazon Sellers is the same loan from a £10,000-a-month floor, with an advertised approval rate of about 80% and a payment holiday of up to three months. The Line of Credit, launched in January 2024, is priced as a fixed APR as low as 10.99%, charges only on what you draw, and takes a repayment every 14 days.
Everything is for limited companies with six months of trading; sole traders are not eligible. Nothing carries a personal guarantee, equity or warrants, which Uncapped states plainly and repeats on its product pages. Data comes from Amazon, Shopify, Walmart or Stripe plus your bank and accounting software, with a selfie and photo-ID check for key people. Declined applicants wait 60 days before reapplying. Our Uncapped review covers the group structure, which matters because the terms of use name a Delaware company while the UK lending sits in three separate British entities.
Two lenders moving in opposite directions
Set the July 2025 capture of out.fund beside the live site and the change is stark. Fourteen months ago: loans of £25,000 to £10 million, twelve months in business, £25,000 a month in revenue, offers as fast as 24 hours, 700-plus brands funded. Today: £10,000 to £500,000, six months in business, £10,000 a month, an offer in three days, 2,000-plus customers. The top of the range is gone, the entry bar has been lowered and the speed promise has slipped from one day to three. The site announces none of it, and its own funding page still contradicts the FAQ by capping a tailored offer at £300,000.
Uncapped moved the other way and said so in its accounts, which describe a group that shifted its strategy from large to mid-market loans. Its homepage now leads with £100,000 to £2 million and a £100,000-a-month revenue floor, while the product pages still advertise loans from £10,000 to £10 million and the FAQ says $10K to $10M depending on the business. Nothing reconciles those. Our reading is that the homepage describes the borrower Uncapped wants and the product pages describe the widest range its platform will quote, with the Amazon route the only place a five-figure loan is plainly on offer.
The practical effect is that the two barely compete any more. A brand at £30,000 a month has one option of the two. A brand at £400,000 a month has one option of the two. The businesses that can genuinely choose are limited companies doing six figures a month that want less than half a million pounds, and for them the question is repayment shape rather than access.
What you actually pay
Outfund publishes one number and it is a good one to have: an offer builder that opens on £150,000 over nine months at a 6.8% fee, producing a £10,200 facility fee and £160,200 repayable. It publishes no fee range, so that figure is an illustration rather than a price list, and there is nothing on the site to say whether the percentage moves with the size of the facility or the length of the term. The same page also shows net funding of £147,750, which is £2,250 below the headline and is not explained anywhere. That works out at 1.5% of the facility. If it is a deduction at drawdown, the real cost of the cash you receive is nearer 8.4% than 6.8%, and it is the first question we would put on an Outfund offer.
Uncapped prices per month instead. A fee of 0.7% to 1.5% on the capital, an average of 1%, no interest, multiplied by the term, with the total quoted before you accept and the product page advertising fees as low as 0.8% a month. Over nine months, 1% a month is 9% in total, which sits above Outfund's published 6.8% example; at the 0.8% headline rate it is 7.2%, which is close enough that the difference would be settled by the offer rather than the website. Uncapped also states the clause that catches people out: paying off a term loan early does not reduce the total due. Outfund publishes no early-settlement terms at all. Our cost guide shows how to turn either shape into a monthly figure you can hold against a bank facility.
The Line of Credit is the exception on both sides. Interest accrues only on the balance drawn, there is no prepayment fee, and repaying early genuinely saves money. Nothing Outfund sells works that way, and nothing on Uncapped's term-loan side does either.
The accounts, side by side
MTL Financial's group accounts to 31 January 2025 show turnover of £6.68m, down from £7.62m, cost of sales of £9.91m against £5.35m, and a loss for the year of £6.98m after £2.14m the year before. Average employees fell from 38 to 12. The going-concern note leans on continued support from the parent and on a group funding round expected in the near term. Those accounts were filed on 16 April 2026, after a first Gazette notice for compulsory strike-off had been issued on 31 March, suspended on 8 April and discontinued on 18 April, two days after the filing. The company traded throughout and the action was withdrawn, but it is on the public record.
Uncapped's group accounts to 30 April 2025 show a loss of £10.4m against £1.2m, loans to customers of £36.4m down from £72.7m, loan-loss provisions up from £3.76m to £7.54m, net assets of £15.8m and an average of 35 staff. The bigger loss sits on a bigger business with a funding facility, described in the accounts as £100m, extended in May 2025 to run to May 2027 with covenants attached. Uncapped Finance Ltd, the lending subsidiary, reported net liabilities of £3.54m and depends on support from its parent.
Neither set of numbers puts a borrower's drawn money at risk. Once a facility is drawn the repayments run whatever the lender's profit and loss looks like. What the accounts tell you is appetite and staying power, and on both measures the difference is real: 35 staff, a facility to May 2027 and a stated mid-market strategy on one side; 12 staff, a parent-dependent going concern and a ceiling cut by 95% on the other. If you expect to renew a facility in nine months, that is worth weighing alongside the fee.
What the review scores are worth
Uncapped's Trustpilot profile stood at 4.6 from 260 reviews on 7 September 2026, with 91% at five stars and 6% at one, on a profile claimed in May 2022. Outfund's stood at 3.4 from 43 reviews, claimed in July 2022, with 73% at five stars and 23% at one. That split is the more interesting figure than the average: a lender with almost a quarter of its reviews at one star is not being marked down gently, it is dividing people. The most recent review shown on the profile, dated 29 December 2025, is a two-star complaint about invoices sitting as pending in the wallet.
Forty-three reviews is a thin sample for a firm claiming 2,000-plus customers, so treat the 3.4 as a signal rather than a verdict. What we take from it, alongside the accounts and the criteria changes, is that Outfund is a smaller operation than its marketing implies and that service is where the complaints land rather than pricing.
The bit nobody mentions
With Outfund, where the money goes. Capital lands in an Outfund wallet with a virtual card, not in your business current account, and invoice payments from that wallet are quoted at two working days. For a brand paying a manufacturer that is fine. For a business that needs the cash in its own account on Friday it is a step nobody raises on the call. Outfund's terms also allow it to share data you provide with a panel of approved finance providers, which means the offer you accept may not be funded by MTL Financial itself.
With Uncapped, the start date and the waiting period. Repayments begin on the date in the offer letter, typically the same day the money lands, so a nine-month loan is really eight and a bit months of use, and Amazon sellers are told the schedule cannot be changed after disbursement. A declined applicant waits 60 days before applying again, which makes Uncapped a poor choice of first test if you are unsure whether you clear its floor.
Worked examples
Outfund publishes one worked example at £150,000 over nine months; the first card below scales that fee shape to a smaller facility, which is an assumption because Outfund never says whether the percentage moves with size. The second card prices the same £60,000 at Uncapped, and shows why the route matters more than the rate.
Worked example · Outfund
£60,000 over nine months, scaling Outfund’s published fee
Assumptions (illustrative, not a quote)
- Facility £60,000 over 9 months
- Fee 6.8%, the figure shown on Outfund’s own offer builder for £150,000 over 9 months; it publishes no fee range and no rule on how the percentage moves with size
- Weekly direct debit on the fixed-repayment option; nine months treated as 39 weeks
- Revenue of about £30,000 a month, comfortably over the £10,000 minimum
The arithmetic
- Facility fee: £60,000 × 6.8% = £4,080
- Total repayable: £64,080
- Weekly debit: £64,080 ÷ 39 = £1,643, about £7,120 a month
- Cost per month of use: 6.8% ÷ 9 = about 0.76%
- Outfund’s £150,000 example also shows net funding £2,250 below the headline, or 1.5%. Apply the same 1.5% here and £59,100 lands rather than £60,000, which lifts the cost of the cash received to about 8.4%
Get two things in writing: the fee at your size, and the exact amount that reaches the wallet. The published 6.8% is a starting point for the conversation, not a rate card.
Worked example · Uncapped
£60,000 over nine months, and which Uncapped product can reach it
Assumptions (illustrative, not a quote)
- Loan £60,000 over 9 months, well inside the 24-month maximum
- Amazon revenue £45,000 a month, so £60,000 is 1.33 times monthly revenue and inside the 1 to 1.5 times sizing the FAQ gives for Amazon sellers
- Route: Funding for Amazon Sellers, whose floor is £10,000 a month. Fixed Term Financing needs £100,000 a month on the homepage, so a £45,000-a-month brand cannot reach £60,000 that way
- Fee 1.0% a month, Uncapped’s stated average inside a band of 0.7% to 1.5%
- Monthly direct debit beginning the day the money lands
The arithmetic
- Fee at 1.0%: £60,000 × 1.0% × 9 = £5,400
- Total repayable: £65,400, with a monthly instalment of £7,267
- At the 0.8% a month advertised on the UK product page: fee £4,320 and £64,320 repayable, within £250 of the Outfund example above
- At the top of the band, 1.5%: fee £8,100 and £68,100 repayable
- Settle at month six and you still owe the balance in full; the FAQ says early repayment does not reduce the total due
The rates land close together. What differs is the door: without Amazon revenue, a brand under £100,000 a month is not getting a £60,000 Uncapped loan at all.
Who fits where
Profiles we meet, matched against the published criteria. Where we say neither, the published rules do not obviously cover the business and the answer comes from an enquiry rather than a website.
| Business | Likely fit | Why |
|---|---|---|
| Shopify brand, £30,000 a month, nine months trading, wants £50,000 for stock | Outfund | Clears the six-month and £10,000-a-month bar. Well under Uncapped’s £100,000-a-month homepage floor, and not an Amazon seller, so the other route is closed. |
| Amazon FBA seller, £45,000 a month, wants £60,000 | Either | Uncapped’s Amazon product starts at £10,000 a month and sizes at 1 to 1.5 times monthly revenue. Amazon is not among the platforms Outfund lists, so the connection would run through open banking instead. |
| Subscription box, limited company, £120,000 a month through Stripe, wants £250,000 | Either | Over Uncapped’s floor and inside Outfund’s ceiling. The real choice is nine to twelve months of revenue-share against up to 24 months of fixed instalments. |
| Wholesaler wanting £700,000 against a supplier order | Uncapped | Above everything Outfund now advertises. Uncapped’s homepage runs to £2 million, though its floor of £100,000 a month applies. |
| D2C brand selling into Spain and Germany as well as the UK, £60,000 a month | Outfund | Those are the three countries it says it supports. Uncapped’s published country lists disagree with one another and the revenue floor is the bigger obstacle anyway. |
| Business run as a sole trader, £25,000 a month online | Outfund, to check | Uncapped states that sole traders are not eligible. Outfund does not publish a structure rule either way, so the answer comes from an enquiry rather than the site. |
| Brand at £500,000 a month that wants a facility to draw on and expects to repay early | Uncapped | The Line of Credit charges interest only on the drawn balance with no prepayment fee. Nothing Outfund publishes works that way, and Uncapped’s own term loan does not either. |
| Brand that took £600,000 from Outfund in 2024 and expects the same on renewal | Ask before you plan | The advertised ceiling is now £500,000, and £300,000 on the funding page. Nothing on the site announces the change, so get the renewal size confirmed in writing. |
General information on how the lenders differ, not a recommendation. We arrange finance; the lender decides, and you choose.
Our verdict
If you want money that repays as a share of what you sell, Outfund is the only one of these two that still sells it, and at £10,000 a month with six months of trading it is open to businesses Uncapped will not read. It also publishes a worked example, which almost nobody in this market does. We will be straight about the rest: we put fewer businesses in front of Outfund at the top end than we did a year ago, because the advertised ceiling fell from £10 million to £500,000, the last accounts show a £6.98m loss on £6.68m of turnover with headcount down to 12, and the company went through a strike-off notice in the spring before filing late. Drawn money is safe from all of that. A renewal in nine months is a different question.
Uncapped is the stronger counterparty and the narrower door. Thirty-five staff, a facility running to May 2027, a Trustpilot score of 4.6 from 260 against 3.4 from 43, and a clear statement that it takes no guarantee, equity or warrants. The price of that is a £100,000-a-month floor unless you sell on Amazon, a fee that is not rebated if you clear early, and a direct debit that starts the day the money lands. On the arithmetic above the two land within a few hundred pounds of each other on a £60,000 nine-month deal, so the decision is rarely about price. It is about which one will take the application, and whether you want the payment to move when your sales do. Both are on the panel we place through, so the practical step is to put one set of figures to both and compare the offers rather than the websites.
Want both checked against your numbers?
One enquiry, and we tell you which of Outfund, Uncapped or the rest of the panel your figures actually fit before anything is submitted.
Frequently asked questions
Sources and method
Facts on this page were checked against the sources below on 7 September 2026. Where a lender does not publish a figure we say so rather than estimate it.
- Outfund, UK homepage (range, criteria, equity taken 0%)
- Outfund, funding page (offer builder: £150,000 over 9 months at 6.8%; wallet and card; top-ups)
- Outfund, FAQs (£10,000 to £500,000; six months trading; 3 to 12 month terms; soft credit check)
- Outfund, about page
- Outfund, PULSE analytics platform
- Outfund, partners page
- Outfund, terms of use (last updated June 2026; panel of approved finance providers)
- Outfund homepage as at 19 July 2025 (Internet Archive: £25k to £10M, 12 months, £25k a month)
- Companies House, MTL Financial Ltd 10923992 (officers, filing history, strike-off notices, group accounts to 31 January 2025)
- FCA, EMD agents file (MTL Financial FRN 902840; data as at 6 September 2026)
- Trustpilot, Outfund
- TechCrunch, Outfund £37m round (8 December 2020)
- Finextra, Outfund £115m Series A (2022)
- Silicon Republic, Clearco exits Europe and refers clients to Outfund (August 2022)
- Uncapped, blog: removing the revenue-based financing offering (Internet Archive; earliest capture 30 September 2023)
- Uncapped, UK homepage (Internet Archive, 8 September 2025: £100K to £2M and the product floors)
- Uncapped, FAQ (Internet Archive, 8 November 2025: 0.7% to 1.5% a month, sole traders, 60-day rule, early settlement)
- Uncapped, Fixed Term Financing page (Internet Archive, 14 October 2025: £10K to £10M, fees as low as 0.8% p.m.)
- Uncapped, Amazon Seller Funding page (Internet Archive, 8 November 2025: approval rate, payment holiday)
- Uncapped, Line of Credit page (Internet Archive, 8 September 2025: APR from 10.99%, 14-day repayments)
- Uncapped, about page (Internet Archive, 8 September 2025)
- Companies House, Uncapped Ltd 12258266 (officers; group accounts to 30 April 2025)
- Companies House, Uncapped Finance Ltd 12287260 (accounts to 30 April 2025)
- PR Newswire, Uncapped Line of Credit launch (24 January 2024)
- TechCrunch, Uncapped £10m launch (2 December 2019)
- Trustpilot, Uncapped
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Important information
CapExpand Ltd (FRN 1060885) is an Appointed Representative of White Rose Finance Group Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 630772). We are a credit broker, not a lender, and we do not provide financial, tax or legal advice. We work with a panel of lenders whose particulars are available on request. If a deal completes the lender pays us a commission, at no cost to you; different lenders pay different amounts under different models, and we will tell you the amount for your deal on request. All lending is subject to status, valuation where applicable and the lender's own checks.
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