Mobile-based credit card Jaja Finance has launched its product following the close of a £7m funding round.
Some of the investors to have backed Jaja include Pollen Street Capital, Silverstripe International Holdings and Blystad Group.
Hot off the heels of this funding round, Jaja is looking to raise additional capital through a crowdfunding campaign which will soon be launched through Seedrs. Proceeds from the crowdfunding round will be used to support the deployment of Jaja’s initial 2,000 investor credit cards.
Funds will also be put towards the creation of the 24/7 customer service feature.
The newly launched product is an entirely digital credit card which can be manged through the Jaja app. Its key features include a chat-based onboarding process, instant credit issuing, flexible repayment options, and the ability to share credit with family and friends.
The company is working with Visa principal member, which means its able to issue cards, process transactions, offer processing services and acquire merchants directly.
Jaja Finance CMO and co-founder Kyrre Riksen said, “Whilst the banking industry has been challenged by innovative FinTech entrants in the prepaid or debit card space, the credit card experience has yet to change in over a decade.
“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.”
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