Jaja Finance, a FinTech startup aiming to take on Tandem with a mobile-only credit card product, has raised a total of £5 million to fund the launch of its card.

Founded by Norwegian entrepreneurs Kyrre Riksen and Per Elvebakk, the company confirmed in December that it had closed a crowdfunding round on Seedrs with a total of £4.89 million from more than 1,000 backers – breaking through its £3 million target.

This morning, the company confirmed that the amount had been bolstered by a £1.5 million investment from Celeres Investments.

The company, which has opened a waiting list for its credit card app, is planning to start its beta launch in the next few weeks, with investors, staff and those on the waiting list due to test the features of its app and card.

It has plans to move into a market currently occupied by mobile-only credit card startup Tandem, which secured a banking licence last year after the purchase of Harrods Bank.

Jaja has not yet secured a banking licence, but will focus primarily on getting its credit card product off the ground in the coming months. It is authorised and regulated by FCA with Consumer Credit License and holds an Authorised Payment Institution license.

The company has also hired Neil Radley, ex-chief executive of Barclaycard Western Europe, as executive chairman.

Jaja Finance is working closely with Visa as a principal member - meaning it can issue cards, process transactions, provide processing services and acquire merchants directly, supported by the Visa Investment and Strategic Partnership program.

Kyrre Riksen, co-founder of Jaja Finance, said: “The response from investors on Seedrs has surpassed our expectations and we are now focused on launching Jaja Card to our rapidly growing early adopter community.

“We’re encouraged by the response on Seedrs and it seems consumers agree that the credit card industry needs a major upgrade.”

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