Jaja Finance launches credit card into crowded market

By Roger Baird on 28th February 2019

Fintech

The fintech firm said its new card will go live next month.

Jaja Finance launches credit card into crowded market

Fintech firm Jaja Finance said the waiting list to receive its first credit card has topped 6,000 customers.

The London-based business plans to launch its new card next month, and is currently beta testing the service with early adopters.

Jaja said the card will offer real-time views of transactions, intelligent notifications and payment reminders.

It adds the card can be applied for and managed through its mobile app, with new customers needing only a driving licence or passport to apply.

The business, incorporated four years ago, raised £5m to launch the card late last year from a crowdfunding on website Seedrs, led by British private equity firm Celeres Investments and more than 1,000 private investors.

Prior to that it raised £4.4m led by Norwegian shipping and investments firm Blystad Group and UK private equity business Pollen Street Capital. Jaja also has also secured £100m funding line for lending.

The group was founded by three Norwegian entrepreneurs Per Elvebakk, Jostein Svendsen and Kyrre Riksen. However, Neil Radley, a former Barclaycard Western Europe managing director, joined the business last year as chief executive.

Jaja Finance chief marketing officer and co-founder Kyrre Riksen said: “It seems people have generally been fairly unimpressed by new credit card offerings and are keen for a beautifully simple and easy-to-use product that helps them take control of their finances.”

The Jaja card has no annual fee, but recent months a number of fintech firms have launched premium paid-for cards.

Earlier this month smart credit service Curve launched, Curve Metal, a stainless steel card with a range of benefits such as travel insurance, unlimited fee-free spending abroad and one per cent cashback from high end retailers, such as Harrods, Selfridges and Amazon for £14.99 a month. Curve has around 300,000 customers.

In January, Berlin-based bank N26 launched its Black membership plan in the UK, a subscription-based current account, providing free unlimited foreign currency purchases and withdrawals worldwide for £4.90 a month. The firm, founded in 2013, operates in 24 European markets and has more than tripled in size over the last 12 months to more than 2.3 million customers.

And London-based digital bank Revolut, which has amassed 3.7 million users across 28 European markets since it was launched four years ago, which launched its premium steel card last August.

Its Revolut Premium service offers a range of benefits that includes a concierge service that can book restaurants or concert tickets and instant access to five cryptocurrencies for up to £12.99 a month.

Premium credit cards offer excellent value for cardholders who can take advantage of their benefits, but can be costly to maintain if not used to their potential, say most personal finance experts. They add if the balance on these cards is not paid off each month, the value of any rewards earned may be lost.

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Companies in this Article:

Revolut
Seedrs
Curve
Pollen Street Capital
N26