Jaja Finance, a UK-based fintech startup, announced on Monday the launch of its new mobile-first credit card, Jaja. According to Jaja Finance, the credit card, which is managed entirely through the Jaja app, is designed to liberate consumers by redefining the consumer experience, making credit cards simpler, fairer and easier to manage.
“The app also gives increasingly tech-savvy consumers the ability to intelligently tag and search transactions and, in an industry first, the option to share credit limit with trusted friends and family. You can even link your Jaja credit card to your bank account, allowing it to intelligently top up your account if you are at risk of going overdrawn or missing an important payment.”
Jaja Finance also reported it is working closely with Visa as a Principal Member, meaning the credit card giant can issue cards, process transactions, provide processing services and acquire merchants directly, and be supported by the Visa Investment and Strategic Partnership program. Bill Gajda, SVP Visa in Europe, commented:
“Jaja are a next-generation Visa issuer offering a truly unique consumer lending proposition, enabling Jaja cardholders to use their Visa cards at more than 46 million merchant locations around the world and online.”
Founded in 2016, Jaja Finance is on a mission to create “beautiful simplicity where there is needless complexity.” The company noted:
“We believe your money should be as fluid as your life. And the credit card as we know it is anything but. It’s a product that is traditionally overly complicated, loaded with hidden fees and cumbersome to manage. It just makes no sense to us. In a world where you can Uber a taxi or Deliveroo your next meal – why can’t you manage your credit card in the same way – at the touch of a button, in an instant.”
Jaja Finance currently has Consumer Credit and Payment Institution Licences. It is also authorized by the FCA, for end-to-end delivery of next-generation in credit card. The company is now planning to launch an equity crowdfunding campaign on Seedrs later this fall. Funds from the round will be used to support the rapid rollout of the first 2,000 investor credit cards and to develop the 24/7 customer service feature.