UK FinTech start-up Jaja has acquired the UK credit card accounts of The Bank of Ireland for a cash sum of £530m.
The start-up provides cards and financing services, and uses AI to authorise and make a fast credit decision on a potential customer through its app.
Founded by Jostein Svendsen, Kyrre Riksen and Per Elvebakk in 2015, the company is based in London. Its CEO Neil Radley was previously MD at Barclaycard in Western Europe.
The bank’s business had been put on sale prior to the acquisition. The sale was described by its CEO Des Crowley as part of a larger set of strategic targets for the bank.
“Jaja is an innovative company which shares our commitment to delivering outstanding customer service. We are proud to partner with them and bring their next generation credit card to customers across the UK,” he said.
“Today’s announcement demonstrates the Bank’s continued progress in delivering against its strategic targets for growth and transformation to 2021, as set out at its Investor Day in June 2018.”
Neil Radley, CEO of Jaja Finance called the move an exciting and important development on its mission to help people simplify managing their credit.
“Our vision is to enable a new generation of mobile-first credit card products with unrivalled functionality, service and security. We’re excited to be welcoming Bank of Ireland UK customers as cardholders.”