Source: JaJa Finance
Jaja Finance Ltd (“Jaja”) today announces that it has closed the strategic transaction announced in November 2021, resulting in a consortium led by KKR and TDR Capital LLP becoming the majority shareholders of Jaja.
The initial investment of up to £120 million marks the beginning of a long-term strategic partnership with its majority shareholders to support the digital lender’s ambitious growth plans over the coming years. Original investors, including IAG Silverstripe, retain significant holdings.
Jaja intends to use the initial investment to fuel its growth plans while driving the transformation of consumer credit. Its growth will be underpinned by a significant recruitment drive that will see a 40% uplift in its product and data science, software development, engineering and IT teams before the end of 2022.
David Chan, CEO at Jaja Finance, 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.”
Credit funds and accounts managed by KKR first invested in Jaja in 2019 in conjunction with an acquisition of a UK credit card portfolio and have continued to invest in the business since.