UK-based fintech HyperJar has completed a $24 million Series A fundraise in “a very tough fundraising environment”, as it eyes international expansion.
The Series A round was led by Susquehanna Private Equity Investments and includes the Healthcare of Ontario Pension Plan.
Money management app HyperJar describes itself as a “digital version of jam-jar budgeting”, offering direct card payments from unlimited multiple individuals “jars”, or sub-accounts.
HyperJar’s B2C digital wallet has more than 500,000 users in the UK and helps individuals manage their spending, while also offering merchant rewards.
The fintech now has its sights set on expanding into markets in Europe and North America.
Rob Rooney, chief executive officer of HyperJar, said that “in a very tough fundraising environment, this investment represents significant confidence in what we’ve built so far”.
“Spending is the world’s biggest asset class, yet it’s largely unserved,” he said.
“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.”
HyperJar’s B2B venture, HyperLayer, has been designed to give global enterprise customers access to the underlying HyperJar technology for spending, transactions, and rewards capabilities.
“There’s a massive greenfield opportunity for organisations everywhere to offer their customers exceptional spending tech via HyperLayer, and this $24 million 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,” Rooney added.