London-based fintech firm Hyperjar has raised $24 million in a Series A funding round, with backing from Susquehanna Private Equity Investments and the Healthcare of Ontario Pension Plan. Founded in 2016 and officially launched in 2020 by Mat Megens and Paul Rolles, Hyperjar offers a unique digital wallet that guides users from deposits to expenditure, while also providing personalized rewards. The platform has formed strategic partnerships with notable brands such as eBay, Shell, and Skyscanner, offering exclusive discounts to its customers. By allocating funds towards these brands, users can increase their spending capacity at a rate that surpasses traditional savings accounts.
Hyperjar’s application, similar to the ‘pots’ or ‘jars’ seen in neobank services, allows users to categorize their funds and make direct expenditures from these divisions. Notably, the platform focuses on younger users with the aim of promoting financial understanding from an early age.
CEO Rob Rooney expressed his excitement about the funding, stating that it demonstrates immense trust in the company’s achievements and promising future as an international enterprise. He also highlighted the technology that Hyperjar has developed, which extends the value of money spent, fulfilling an overlooked demand compared to traditional banks, credit platforms, and payment systems. The investment will support the company’s product evolution for both B2B and B2C sectors, as well as facilitate international expansion into regions such as North America and Europe.
The funding will be used to finance recruitment efforts and enhance Hyperjar’s B2B sales and business development divisions in the UK and globally. The company ensures the utmost security and adherence to standards, with funds being overseen by FCA-regulated payment provider Modulr. The payment mechanism for the HyperJar prepaid card is streamlined by Mastercard.
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