Jaja signs deal with Asda to launch a new reward digital credit card to UK consumers

  • Jaja signs exclusive deal with Asda to provide credit cards in association with Visa
  • Asda Money Credit Card to be launched later this year
  • The partnership is part of Jaja’s ambitious growth plans to become the UK’s leading digital lender by 2025

London, 10 May 2022: Jaja Finance Ltd (“Jaja”) has signed a deal with Asda, in conjunction with global payments technology leader Visa, to provide digital, reward-led credit cards to Asda’s 18 million customers right across the UK, leaving it the latest high street retailer to offer digital lending services.

The new credit card, to be launched later this summer, will allow customers the opportunity to earn rewards on their credit card spend which they will then be able to redeem at Asda, in-store or online. The initial credit card offering will mark the start of Jaja’s long-term relationship with Asda, offering customers good value credit alongside exceptional rewards at a time when households need it most.

The partnership comes just weeks after Jaja announced a multi-million-pound investment of up to £120 million from KKR and TDR Capital LLP, who have now become majority shareholders of the business. The announcement is part of Jaja’s ambitious growth plans to become the UK’s leading digital lender by 2025, all supported by an investment that will help fuel Jaja’s growth plans while driving the transformation of consumer credit. Jaja’s growth will also be underpinned by a significant recruitment drive that will see a 40% increase in its employees before the end of 2022.

David Chan, CEO of Jaja Finance, said: “At a time when inflation continues to rise and household budgets are being squeezed, we’re able to offer Asda’s 18m customers the opportunity to get something back from their credit card. Our expertise in digital payments and lending means we can offer them access to credit when and where they need it alongside simplicity, rewards and good value for money.”

Katie Walley, Senior Director at Asda Money, Mobile and Gift Cards, said: “Our purpose here at Asda Money is to help our customers save time and money. We work with a wide range of partners for all our products and services, choosing exciting and innovative partners to work with to bring great value products for our shoppers. When we met with Jaja we were very impressed with their capabilities both now, and what they plan to offer for customers in the future. Together we have built a great proposition, offering simplicity and rich rewards for our customers which we can’t wait to bring to the market.”

Mandy Lamb, Managing Director for UK & Ireland, Visa, said: “We’re delighted to support Asda and Jaja Finance to launch the Asda Money Credit Card, offering customers an easy, simple and digital-first way to manage their everyday spend and earn rewards for their weekly shop. We’ve always been firm believers in the power of partnerships – in payments or retail – to deliver great solutions. This is another example of where Visa’s technology can facilitate innovation to make life easier for shoppers.

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. As part of its long-term partnership with the Bank of Ireland signed 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.

About Asda Stores Ltd.

Founded in the 1960s in Yorkshire, Asda is one of Britain’s leading retailers and helps customers save money and live better in stores, online and through their mobile devices.

Each week more than 18 million customers visit its 645 stores – including 30 Supercentres, 392 Superstores, 155 Supermarkets, 33 Asda Living stores, and 35 standalone petrol stations – and are served by over 140,000 colleagues. www.asda.com and www.george.com deliver to 99% of the UK’s homes and to its 538 click and collect sites across the UK.

Its main office is in Leeds, Yorkshire and its George clothing division is in Lutterworth, Leicestershire. Asda was acquired by the Issa Brothers and TDR Capital Ltd in 2021, returning the supermarket to British ownership.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.co.uk

Media Contacts

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