A consortium of investors has pledged to fund up to £120m ($157m) in credit card lender Jaja Finance, a press release announced on Tuesday (April 5th).
The consortium is led by KKR and TDR Capital, two private equity firms.
The consortium also recently took majority control of the company. The original investors, LAG Silverstripe and others, still retain significant stakes.
Jaja, headquartered in London, announced the change in ownership last November.
Majority shareholders will now back the digital lender’s growth plans, which will include using the investment to “drive consumer credit transformation”.
The statement said the growth will consist of a major recruitment drive, with a 40% increase in product and data science, software development, engineering and IT teams by the end of the year. year.
“The announcement of the support of two investment industry leaders represents a tremendous show of confidence in Jaja’s growth story, our plans and our people,” said CEO David Chan. “Our new shareholders will bring valuable insights to the company and help support our mission to deliver best-in-class core technology, products and services, while delivering innovation that matters to customers.”
Jaja was founded in 2015 and offers digital credit card products focused on simplicity, functionality, service and security.
See also: Jaja acquires Bank Of Ireland UK Card Business
In 2019, PYMNTS wrote that Jaja bought the UK credit card business from Bank of Ireland.
This came with Jaja paying a cash consideration of $671 million at current rates, and the fintech company will also serve as a consumer credit card issuer for the bank’s UK customers.
Then-CEO Neil Radley said the announcement was “an exciting and significant development in Jaja’s journey and part of our strategy to create partnerships that will help more people embrace a simpler way to manage credit.