Automatic savings app Jar has reportedly collected $22.6m in its Series B round, which values the company at $300m.
The investment round was led by Tiger Global, according to a report from The Economic Times.
Other backers to the Series B include Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital, WEH Ventures, 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures and more.
Jar is reportedly speaking with other investors to potentially extend the Series B.
With the fresh funds, Jar plans to hire more staff and bolster its technology. It is also looking to release new investment products across mutual funds, insurance and lending.
Jar offers a platform to automate savings in digital gold. Based in India, the company lets users take spare change from their digital transactions and invest it into 24 karat gold.
The company is currently planning to be a credit distributor with the loans being underwritten by non-banking finance company partners. However, it might seek its own licence in the future.
Speaking on the deal, Tiger Global partner Alex Cook told The Economic Times, “By starting with digital gold, a well-understood and well-loved asset class in India, Jar’s savings app has quickly gained trust and traction with young earners interested in developing a saving and investment strategy. We are impressed with the company’s rapid growth and are excited to double down as they expand into new asset classes.”
Another automatic savings app to recently close funding is Flow. The company raised €3.5m in its seed round in April, with Bulgarian venture firm Eleven Ventures leading the round.
The Amsterdam-based company is a money management app for freelancers and the self-employed. Users automatically distribute incoming and outgoing money flows and can set financial goals they wish to meet.
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