JaJa Finance agrees £250m lending facility

Jaja Finance has 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.  

The 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 company says that the new facility also enables Jaja to complete the purchase of a seasoned portfolio of credit card accounts it currently services.   

David Chan, CEO at 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.”