Fintech startup Jaja Finance closes £5m crowdfunding round

Keiligh Baker's picture

London-based credit card fintech startup Jaja Finance has confirmed the final close of its crowdfunding round after picking up £5milion.

An additional £1.5m from Celeres Investments, adding to seed funding raised last year, means the crowdfunder has now raised more than £5m.

The startup has been backed by Blystad Group and Pollen Street Capital among others. More than 1,000 private investors took part in the crowdfunding raise on Seedrs.

Jaja Card is a digital credit card managed entirely through the Jaja mobile app and purpose-built for the needs of customers.

There are no complicated forms to fill in and new customers can be up and running within minutes, requiring only a driving license or passport to get started.

Jaja co-founder Kyrre Riksen told City A.M. the startup plans to use the funding to launch its credit card product and increase hiring at its London office, with a target of 45 in-house staff by the end of 2019.

The platform started onboarding users from its waiting list this month to trial its mobile-only credit card product, disrupting a market in fintech that has previously been dominated by rival bank Tandem.

Riksen said the startup will pursue a full banking licence in the future, but for now it is focused on the credit sector.

"There’s been a lot of innovation on the debit side, from startups like Monzo and Revolut," said Riksen. "[But] there’s not been much innovation in the credit space. I believe a lot of people are shying away from the challenge of monitoring a portfolio and a funding line. We've chosen to invest in a team that’s well equipped to handle these things."

Jaja Finance is working closely with Visa as a Principal Member - meaning they can issue cards, process transactions, provide processing services and acquire merchants directly, supported by the Visa Investment and Strategic Partnership program.

Welcome to Prolific London

Here's why we're the City's new must-read title for marketing and tech news