Hyperjar's growth strategy: $24M funding for recruitment and expansion

London-based fintech, Hyperjar, raises $24 million for expansion. Known for its digital wallet and personalised rewards, Hyperjar partners with top brands to offer unique discounts and savings.
Hyperjar's growth strategy: $24M funding for recruitment and expansion

Hyperjar, a London-based fintech offering digital payments, planning, and personalised rewards platform has raised $24 million in a Series A funding round. 

The company intends to use the capital to go on a recruitment binge, bolstering the company’s business development teams and B2B sales teams in both the UK and further afield.

The company’s $24 million arrives via Susquehanna Private Equity Investments and the Healthcare of Ontario Pension Plan.

Co-founded in 2016 and launched in 2020 by Mat Megens, who acted as the company’s CEO until January of this year and now fills the role of chief consumer architect, and Paul Rolles, Hyperjar is best known for its digital wallet that helps users plan and navigate their journey from depositing money to spending it, all the while digitising, capturing, and rewarding intent.

This rewarding of intent arrives via a series of partnerships established with leading retailers and brands. Working with operators including eBay, Shell, and Skyscanner, the partnerships involve special discounts presented to Hyperjar users. When a user commits money to many of them, this commitment converts to an annual growth rate, meaning spending power compounds faster than in a savings account. 

On the more traditional front, the app works in a similar way to the 'pots' or 'jars' that can be found amongst a number of popular neobank services, allowing users to segment their money and then spend directly from these segmentations.

The service stands to differentiate itself from the pack with a youth-focused offer that theoretically helps a younger generation understand finances at an earlier age.

On the funding round Hyperjar CEO Rob Rooney comments:

"In a very tough fundraising environment, this investment represents terrific confidence in what we’ve built so far and in HyperJar’s future as a global business.  

“Spending is the world’s biggest asset class, yet it’s largely unserved. Making spending money go further is the fastest way for most people to improve their financial position, but this is not what banks, credit platforms, payment platforms, or asset and wealth managers are set up to do. We’ve created the world’s best tech for this unmet need. 

“There’s a massive greenfield opportunity for organisations everywhere to offer their customers exceptional spending tech via HyperLayer, and this $24mm raise gives us the fuel to accelerate both B2B and B2C product development and to expand internationally into North America, Europe, and other growth markets.” 

Money paid into HyperJar accounts is managed by FCA-regulated embedded payments provider Modulr, while Mastercard provides the payment rails for the HyperJar prepaid card.

Lead image via hyperjar.com

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