The company will use the funds to expand its team and launch its digital credit card, Jaja.

Jaja is the brainchild of the Norwegian entrepreneurs Per Elvebakk, Jostein Svendsen and Kyrre Riksen, who wanted to find a way of making credit simpler, fairer and easier for everyone. The team has a history of starting up, scaling and exiting successful consumer banks, mobile financial services and tech businesses globally and have now been joined by Neil Radley, ex-CEO of Barclaycard Western Europe, as CEO.

Led by Blystad Group and Pollen Street Capital, Jaja set their funding target on Seedrs at £3 million but following a surge of interest on internet forums and communities it smashed its goal and has now raised £3,093,743, bringing onboard 760 investors from across 32 countries. The funds raised will be used to support the roll out of Jaja card, turbocharge its entry to the market and develop functionality in line with its community’s needs.

Jaja Card is a digital credit card managed entirely through the Jaja mobile app and purpose-built for the needs of customers. The product is designed to liberate consumers by redefining the consumer experience as we know it; making credit simpler, fairer and easier to manage. There are no complicated forms to fill in and new customers can be up and running within minutes, requiring only a driving license or passport to get started.

The digital credit card will have a range of features designed to help users track and manage their spending, including a real-time view of transactions, the ability to tag or search transactions and intelligent notifications. By linking Jaja Card to a bank account, users will also be able to top up their account to meet payment deadlines and prevent penalties. The company also plans to help customers pay off debts by moving their balance to low interest products such as instalment loans.

Jaja Finance has already built a scalable platform for a range of consumer credit products. It is authorised and regulated by FCA with Consumer Credit License and Authorised Payment Institution license. It has successfully designed, built and tested its Jaja Card, with the fastest sign-up process in the industry. It has been backed by Blystad Group and Pollen Street Capital, while a £100m funding line has been secured for lending.

Jaja Finance is working closely with Visa as a Principal Member - meaning they can issue cards, process transactions, provide processing services and acquire merchants directly, supported by the Visa Investment and Strategic Partnership program.

CMO and Co-Founder of Jaja Finance, Kyrre Riksen, said: “The response from investors on Seedrs has surpassed our expectations and we are now focused on launching Jaja Card to our rapidly growing early adopter community. We’re encouraged by the response on Seedrs and it seems consumers agree that the credit card industry needs a major upgrade”.

Jaja’s Seedrs campaign is still accepting additional investment, and will remain open for a few more weeks. Those who have already signed up to the Jaja waitlist as well as investors in the Seedrs campaign, will receive priority access to the credit card.