Digital lender accelerates growth with additional £250m lending facility

Jaja Finance Ltd has today announced that it has agreed a new £250m warehouse lending facility that will enable the digital credit card provider to continue to accelerate its growth.

This announcement follows Jaja’s recent funding announcement of £120m from private equity investors, and majority shareholders, KKR and TDR, made earlier this year. The new facility also enables Jaja to complete the purchase of a seasoned portfolio of credit card accounts it currently services.

The transaction comes hot off the heels of Jaja’s recent partnership announcement with Asda Money and the launch of Asda Money Credit Card, a new credit card that will reward Asda customers when they shop in store or online.

The new reward credit card is available to Asda’s 18 million customers and will be a key component to the UK supermarket’s rewards scheme, Asda Rewards. The partnership signals further growth for the business while giving consumers something back at a time when they need it most.

David Chan, CEO at Jaja Finance, commented: “It was only five months ago that Jaja received its initial investment of £120m and it is an absolute testament to the strength of our people and our proposition in what we have achieved in this very short period of time.

“We recently announced our partnership with Asda, and since the launch of the new rewards credit card just a few weeks ago we have seen thousands of Asda customers already signed up. The completion of this facility couldn’t have come at a better time.

“The size of this transaction indicates not only the scale of our ambitions but also the belief of our investors and lending partners in the power of our business model. The additional lending capacity will allow us to accelerate our growth and help us to expedite our ambitious plans of becoming the UK’s leading digital lender.”

Sidley Austin acted as legal advisor to Jaja, the warehouse facility has been secured with BNP Paribas and Citi both represented by Clifford Chance acting as legal advisor.

By Matthew Neville – Correspondent, Bdaily

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