JaJa Finance, a London-based startup, is gearing up to launch a mobile-first credit card after securing £7 million in funding.
The FinTech uses chat-based onboarding and offers users of its app the chance to manage their credit card through their mobile. Other features include instant credit issuing, tagging and search of transactions, and the ability to share credit limits with trusted family and friends.
The Jaja card, the firm’s first product, links to users’ bank accounts for repayments and account settings can be managed within the app.
Founded by chief marketing officer Kyrre Riksen, and co-founders Per Elvebakk and Jostein Svendsen, the company has secured £7 million in funding from investors and is gearing up for a crowdfunding round through equity funding platform Seedrs.
Riksen and his co-founders have been joined by Neil Radley, ex-chief executive of Barclaycard Western Europe, as the company’s executive chairman.
The company is hoping to use proceeds of the crowdfunding round to support the roll out of the first 2,000 investor credit cards and to develop a 24/7 customer service feature.
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.
“Yet in a world where you can use Uber instead of calling a taxi or Deliveroo to order your next meal, why can’t you manage your credit card in the same way?” he added.
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