London-based credit card lender Jaja Finance has raised an initial investment of up to £120 million from private equity giants KKR and TDR to fund its growth in the U.K. The consortium headed by KKR and TDR had earlier taken control in the London fintech last November as it changed ownership.
The deal marks the beginning of a long-term strategic partnership to support the expansion of the UK fintech company. Jaja will use the initial funding to fuel its growth while driving the transformation of consumer credit. It plans to take up a massive recruitment drive that will see a 40% uplift in its product and data science, software development, engineering and IT teams before the end of 2022.
Founded in 2015 by three Norwegian entrepreneurs Per Elvebakk, Jostein Svendsen and Kyrre Riksen, the digital, mobile-first business wants to become a major player in the UK credit card market. According to David Chan, CEO at Jaja Finance, the new funding will help support its mission to offer core technology, products and services, while delivering innovation that matters to customers.
Jaja’s original investors, including AG Silverstripe, continue to retain significant holdings in the group. Jaja had earlier roped in KKR to fund its £530 million acquisition of the Bank of Ireland’s British credit card portfolio.