Jaja Finance is set to launch its digital credit card after surpassing its £3 million crowdfunding goal on Seedrs.
The firm is led by Norwegian entrepreneurs Per Elvebakk, Jostein Svendsen and Kyrre Riksen, while its CEO is Neil Radley, the former boss of Barclaycard Western Europe.
Led by Blystad Group and Pollen Street Capital, the round attracted 760 investors from across 32 countries.
The Jaja Card is a digital credit card managed entirely through the Jaja mobile app which the firm says is designed to make credit simpler, fairer and easier to manage.
CMO Riksen 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.”
New customers can be up and running with the card within minutes, requiring only a driving license or passport to get started.
The card will have a range of features designed to help users track and manage their spending, including a real-time view of transactions, the ability to tag or search transactions and intelligent notifications.
By linking Jaja Card to a bank account, users will also be able to top up their account to meet payment deadlines and prevent penalties. The company also plans to help customers pay off debts by moving their balance to low-interest products such as instalment loans.
Jaja’s Seedrs campaign is still accepting additional investment, and will remain open for a few more weeks.
Those who have already signed up to the Jaja waitlist, as well as investors in the Seedrs campaign, will receive priority access to the credit card.