London, 24 August 2022: Jaja Finance Ltd (“Jaja”) has today announced that it has agreed a new £250 million warehouse lending facility that will enable the digital credit card provider to continue to accelerate its growth.

This announcement follows Jaja’s recent funding announcement of £120 million from private equity investors, and majority shareholders, KKR and TDR, made earlier this year. The new facility also enables Jaja to complete the purchase of a seasoned portfolio of credit card accounts it currently services.

The transaction comes hot off the heels of Jaja’s recent partnership announcement with Asda Money and the launch of Asda Money Credit Card, a new credit card that will reward Asda customers when they shop in-store or online.

The new reward credit card is available to Asda’s 18 million customers and will be a key component to the UK supermarket’s rewards scheme, Asda Rewards. The partnership signals further growth for the business while giving consumers something back at a time when they need it most.

David Chan, CEO of Jaja Finance said: “It was only five months ago that Jaja received its initial investment of £120 million and it is an absolute testament to the strength of our people and our proposition in what we have achieved in this very short period of time. We recently announced our partnership with Asda, and since launch of the new rewards credit card just a few weeks ago we have seen thousands of Asda customers already signed up. The completion of this facility couldn’t have come at a better time.

“The size of this transaction indicates not only the scale of our ambitions but also the belief of our investors and lending partners in the power of our business model. The additional lending capacity will allow us to accelerate our growth and help us to expedite our ambitious plans of becoming the UK’s leading digital lender.”

Sidley Austin acted as legal advisor to Jaja, the warehouse facility has been secured with BNP Paribas and Citi both represented by Clifford Chance acting as legal advisor.

Notes to Editors

About Jaja Finance

Jaja Finance Ltd is a fintech providing digitally led credit card products with a focus on simplicity, functionality, service and security. It is headquartered in London and regulated by the FCA and combines the technical and digital capabilities of a modern technology business with deep retail financial services and credit card sector experience.

Following its closed transaction of up to £120 million with new majority shareholders – KKR and TDR Capital – in March 2022, Jaja Finance signed a partnership deal with Asda to provide digital reward credit cards to its 18 million customers.

In June 2019, Jaja welcomed Bank of Ireland UK and AA Credit Card customers onto its new credit card platform in October 2020, transferring historical Post Office Credit Cards to new Jaja Credit Cards.

Media Contacts

Gabrielle O’Gara
Tel: 07818 240 343 / Email: press@jajafinance.com