HyperJar secures $24m Series A for money management app

London-based fintech HyperJar has raised $24m in Series A funding led by Susquehanna Private Equity Investments.

The company, which provides digital wallets to more than half a million customers in the UK, says it has identified ‘spending money’ as the world’s most important asset class.

Through its online wallet, users can manage their spending digitally through a series of “jam jars” that enable partitioning, sharing and easier control of money alongside merchant rewards.

The app encourages users to set money aside for specific purposes, like saving for a holiday, an emergency fund or insurance, with card options for families (it has more than 100,000 child cardholders), individuals and groups.

“Spending is the world’s biggest asset class, yet it’s largely unserved. Making spending money go further is the fastest way for most people to improve their financial position, but this is not what banks, credit platforms, payment platforms or asset and wealth managers are set up to do,” HyperJar CEO Rob Rooney said.

“We’ve created the world’s best tech for this unmet need.”

Alongside its consumer product, HyperJar has HyperLayer, its B2B venture.

HyperLayer provides global enterprise customers with access to the company’s tech for spending, transactions and reward capabilities among other features to compete with challengers.

“There’s a massive greenfield opportunity for organisations everywhere to offer their customers exceptional spending tech via HyperLayer, and this $24m raise gives us the fuel to accelerate both B2B and B2C product development and to expand internationally into North America, Europe, and other growth markets,” Rooney added.