Digital credit card startup Jaja beats £3m Seedrs crowdfunding target

Jaja Finance, the company aiming to simplify consumer finance, has reached its £3m fundraising target on Seedrs.

The company will use the funds to expand the team and launch its digital credit card, Jaja, which is the brainchild of Norwegian entrepreneurs, Per Elvebakk, Jostein Svendsen and Kyrre Riksen.

They have a history of starting up, scaling and exiting successful consumer banks, mobile financial services and tech businesses globally and have now been joined by Neil Radley, ex-CEO of Barclaycard Western Europe, as CEO.

Led by Blystad Group and Pollen Street Capital, Jaja set its funding target on Seedrs at £3m, however a surge of interest has enabled it to beat its goal and has now raised £3,093,743, bringing onboard 760 investors from across 32 countries.

CMO and co-founder of Jaja Finance, Kyrre Riksen, said: “The response from investors on Seedrs has surpassed our expectations and we are now focused on launching Jaja Card to our rapidly growing early adopter community.

“We’re encouraged by the response on Seedrs and it seems consumers agree that the credit card industry needs a major upgrade.”

Jaja Card is a digital credit card managed entirely through the Jaja mobile app. It is set to have features designed to help users track and manage their spending, including a real-time view of transactions, the ability to tag or search transactions and intelligent notifications.

By linking Jaja Card to a bank account, users will also be able to top up their account to meet payment deadlines and prevent penalties.

The company also plans to help customers pay off debts by moving their balance to low interest products such as instalment loans.

Jaja’s Seedrs campaign is still accepting additional investment, and will remain open for a few more weeks. Those who have already signed up to the Jaja waitlist as well as investors in the Seedrs campaign, will receive priority access to the credit card.