Jaja Finance, a UK-based fintech startup, surpassed its initial £3 million funding target on equity crowdfunding platform, Seedrs. The funding round has attracted more than 750 investors. As previously reported, Jaja Finance was founded in 2016 and is on a mission to create “beautiful simplicity where there is needless complexity.” It was revealed:
“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.”
The launch of the equity crowdfunding round comes just weeks after the company launched its new mobile-first credit card, Jaja. The company is authorized and regulated by the FCA as an Authorised Payment Institution and Consumer Credit Firm and Principal Member of Visa, allowing the issuing of cards on behalf of third parties.
“We started Jaja to make a mobile-first credit card that’s far simpler, fair and transparent for busy people living modern lifestyles. By giving control back to the people, we believe our mobile controlled credit card can give people more freedom. We believe the credit industry requires a major upgrade, and we have a pipeline of consumer finance products in the making.”
Funds from the Seedrs round will be used for the following:
- Launch 5,000 BETA credit cards in order to create a loyal community, and gain momentum around launch
- Operations and 24/7 customer service
- Customer acquisition/distribution/marketing activities
The funding round is currently set to close later this fall.
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