Jaja Finance launches first product following £7m funding
London-based Jaja Finance is announcing the launch of its first product, a mobile-first credit card called ‘Jaja’, following the £7 million in funding from investors the firm recently received.
The firm plans to invite additional investments through the equity crowdfunding platform Seedrs, to take place in September.
The credit card is managed entirely through the Jaja app, designed to “make credit cards simpler, fairer and easier to manage”.
CMO and co-founder of Jaja Finance, Kyrre Riksen, ponders: “In today’s digital age, why should onboarding be any more difficult than setting up your Facebook account? When you’re so used to sharing things like your Netflix or Spotify accounts with family and friends, why can’t you do the same with your credit? After all, it’s your credit and you should be in complete control.”
Jaja takes pride on its “quick onboarding process”, allowing customers to tag and search transactions and, remarkably, the option to share credit limit with trusted friends and family. Customers can link their Jaja credit card to their bank account, allowing it to top up your account automatically.
Jaja is working with Visa as a principal member, meaning it can issue cards, process transactions, provide processing services and acquire merchants directly, supported by the Visa Investment and Strategic Partnership programme.
The firm has its own consumer credit and payment institution licences, authorised by the UK’s Financial Conduct Authority (FCA).
Jaja was founded by three London-based Norwegian entrepreneurs: Per Elvebakk, Jostein Svendsen and Kyrre Riksen; who have recently brought on Neil Radley, ex-CEO of Barclaycard Western Europe, as executive chairman.
The company’s investor list includes names such as Pollen Street Capital, Silverstripe International Holdings and Blystad Group.
“We believe in a world where technology, brilliant design and human customer experiences make life simple and liberate people from needless complexity, wasted time and frustration. It’s in our Norwegian DNA to prioritise living and find better ways to live,” adds Riksen.