UK-based digital lender Jaja Finance has secured an initial investment of up to £120m from a consortium of investors.
The deal, announced in November 2021, will see the consortium led by private equity firms KKR and TDR Capital acquire a majority stake in Jaja.
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By GlobalDataJaja will use the proceeds to expand in the consumer credit market by developing new consumer offerings backed by technology.
The digital lender also aims to increase the size of its product and data science, software development, engineering, and IT teams by 40% in 2022.
London-headquartered Jaja, which is authorised and regulated by the Financial Conduct Authority, offers digitally-powered credit card products to customers.
Jaja Finance CEO David Chan said: “Announcing the support of two leaders in the investment industry represents a considerable show of confidence in Jaja’s growth story, our plans and our people.
“Our new shareholders will bring valuable insights to the business and will help support our mission to offer best-in-class core technology, products and services while delivering innovation that matters to customers.”
KKR first invested in Jaja in 2019, when Jaja announced plans to buy the portfolio of existing Bank of Ireland UK, Post Office and the AA credit card accounts.
Jaja noted that its original investors including IAG Silverstripe will continue to hold a significant stake in the firm.
