Mobile-based credit card solution Jaja has surpassed its £3m crowdfunding target.
Jaja has pulled in up to 3.1m in the campaign, which has received support from 787 investors. A total of 14.06 per cent of Jaja’s equity has been deployed to investors through this crowdfund – its original £3m goal would have seen just 13.63 per cent distributed.
The campaign, which comes hot off the heels of its £7m institutional investment round, was raised through the Seedrs platform. A pre-money valuation for Jaja was set at £19m.
Funds from the crowdfund have been earmarked for supporting the deployment of the initial 2,000 investor credit cards and the creation of a 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.
Users can access credit between £250 and £20,000, with in-app approval being completed within minutes.
There are exclusive cashback perks for the first 5,000 Beta users. These perks include £10 cashback at favourite apps and an extra £10 when singing up a friend or family member.
Jaja is working with Visa principal member, which means it’s able to issue cards, process transactions, offer processing services and acquire merchants directly.
The company recently closed a £7m round which was backed by Pollen Street Capital, Silverstripe International Holdings and Blystad Group.
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