Digital Payment Startup Hyperjar Secures $24m in Series A Funding

London-based fintech firm Hyperjar, celebrated for its digital payment solutions and personalized rewards system, has announced raising $24 million in a Series A funding round backed by Susquehanna Private Equity Investments and the Healthcare of Ontario Pension Plan.

Having its roots in 2016 and officially launching in 2020 by founders Mat Megens and Paul Rolles, Hyperjar has made a mark with its distinctive digital wallet. This platform guides users from deposit to expenditure, all the while rewarding their intent. Such rewards are facilitated through strategic collaborations with notable entities like eBay, Shell, and Skyscanner.

These partnerships bestow exclusive discounts to Hyperjar’s clientele. Intriguingly, when users allocate funds towards these brands, their spending capacity augments at a rate surpassing traditional savings accounts.

Hyperjar’s application, reminiscent of the ‘pots’ or ‘jars’ found in prevalent neobank services, empowers users to categorize their funds, facilitating direct expenditures from these divisions. A salient feature is its focus on younger users, intending to inculcate financial understanding at a tender age.

Regarding the funding achievement, the current CEO of Hyperjar, Rob Rooney, expressed his enthusiasm. He said:

In a challenging fundraising landscape, this financial backing showcases immense trust in our accomplishments and the promising trajectory of Hyperjar as an international enterprise.

Rooney further said, “Contrary to the offerings of banks, credit platforms, and payment systems, we’ve honed the premier technology to ensure money spent extends further, fulfilling an overlooked demand. This investment propels our venture into product evolution for both B2B and B2C sectors and facilitates our international outreach into territories like North America and Europe.”

The latest funding influx is earmarked to finance recruitment drives, enhancing Hyperjar’s B2B sales and business development divisions, both within the UK and globally. Ensuring utmost security and adherence to standards, funds channeled into HyperJar are overseen by the FCA-regulated payment provider, Modulr. Meanwhile, the payment mechanism for the HyperJar prepaid card is streamlined by Mastercard.

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