London-based Fintech Firm Hyperjar Raises $24 Million in Series A Funding

London-based fintech firm, Hyperjar, has secured $24 million in a Series A funding round, with contributions from Susquehanna Private Equity Investments and the Healthcare of Ontario Pension Plan. Founded in 2016 and officially launched in 2020 Mat Megens and Paul Rolles, Hyperjar is known for its digital payment solutions and personalized rewards system.

Hyperjar’s innovative digital wallet platform guides users from deposit to expenditure and rewards their spending intentions. Through strategic collaborations with companies such as eBay, Shell, and Skyscanner, Hyperjar offers exclusive discounts to its users. Notably, allocating funds towards these brands increases users’ spending capacity at a rate surpassing traditional savings accounts.

The Hyperjar application, similar to the ‘pots’ or ‘jars’ in neobank services, allows users to categorize their funds, enabling direct expenditures from these divisions. One of Hyperjar’s key focuses is on younger users, aiming to foster financial understanding at a young age.

Rob Rooney, the CEO of Hyperjar, expressed his enthusiasm for the successful funding round. He highlighted the trust in Hyperjar’s accomplishments and its promising trajectory as an international enterprise. Rooney emphasized that Hyperjar’s technology extends the value of money spent, fulfilling an overlooked demand compared to traditional banks, credit platforms, and payment systems. The funding will support product evolution for both B2B and B2C sectors and facilitate international expansion into North America and Europe.

The raised funds will be used to strengthen Hyperjar’s team through recruitment drives, particularly in B2B sales and business development divisions. These efforts will expand Hyperjar’s presence in the UK and globally. Hyperjar ensures the utmost security and adherence to standards, with funds overseen Modulr, a FCA-regulated payment provider. The payment mechanism for HyperJar’s prepaid card is streamlined Mastercard.

Sources:
– Hyperjar: www.hyperjar.com