Jaja Finance announces a strategic investment to develop its digital consumer credit business


– Jaja Finance offers digital credit products focused on simplicity, functionality, service and security

– Consortium, comprising entities affiliated with the existing shareholder KKR and the new shareholder TDR, to become the majority shareholders of Jaja

– Investment to drive the public launch of the Jaja credit card and other initiatives

Digital lender Jaja Finance Ltd (“Jaja”) announces today that a consortium of investors, led by existing shareholder KKR and comprising entities owned by investment funds managed by TDR Capital srl, have entered into an agreement with Jaja to become the majority shareholder of the company. This transaction will support Jaja in its ambition to become the digital lender of choice in the UK. Jaja was advised in connection with the transaction by Jefferies. Financial details of the transaction, which is subject to customary regulatory approvals, were not disclosed. The original investors, including IAG Silverstripe, will retain significant stakes.

Jaja was founded to provide digitally driven credit solutions with an emphasis on simplicity and service. The additional investment will allow Jaja to continue investing in its consumer credit offering as it prepares to launch its Jaja branded credit card in the market. UK, as well as to develop its product line. The Jaja team is expected to grow considerably during the year 2022, with a particular focus on product and data science, software development, engineering and IT operations, in order to better position the company for provide a full range of cutting-edge products and services.

David Chan, CEO of Jaja Finance, said: “We are delighted to enter into this agreement with KKR and TDR which validates the confidence we all have in our platform and our people. With the support of the new majority shareholders, we look forward to our next phase of growth with the launch of our credit card, as well as the development of credit proposals for our clients, fueled by our agile technology and our analytical capacity. ‘machine learning. “

“As existing shareholders of Jaja, we have been impressed with its development and look forward to supporting its transformation and growth with our new strategic partners,” said Vaibhav Piplapure, Managing Director of KKR.

Chris Jones, Partner at IAG Silverstripe, said: “As a backer of the company since its inception, we are delighted with this transaction. KKR and its strategic partners bring excellent experience in business development and growth. This, along with the great team and platform at Jaja, will propel the business to the next level and beyond. “

Credit funds and accounts managed by KKR first invested in Jaja in 2019 in conjunction with the acquisition of a UK credit card portfolio and have continued to invest in the business ever since. Existing investors also include Future Fund, the UK government program launched to support high-growth UK businesses during the coronavirus pandemic.

Notes to Editors:

About Jaja Finance

Jaja Finance Ltd is a fintech providing digital credit card products with a focus on simplicity, functionality, service and security. It has its seat at London and regulated by the FCA, and combines the technical and digital capabilities of a modern technology company with extensive experience in the retail financial services and credit card industry.

As part of their long-term partnership with the Bank of Ireland connected June 2019, Jaja has welcomed Bank of Ireland UK and AA credit card customers on its new credit card platform in October 2020, by transferring the old postal credit cards to the new Jaja credit cards. Since then, Jaja has made continuous improvements to its services for existing customers and performed extensive beta testing in preparation for its imminent opening to new customers in the UK Marlet.

About KKR

KKR is a leading global investment firm providing alternative asset management, capital markets and insurance solutions. KKR aims to generate attractive returns on investment by following a patient and disciplined approach to investing, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life and reinsurance products under the leadership of The Atlantic Global Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.

For more information on KKR & Cie Inc. (NYSE: KKR), please visit the KKR website at www.kkr.com and on Twitter @KKR_Co.

On TDR Capital srl

TDR Capital srl is a Londonprivate equity firm that manages investment funds with more than 10 billion euros of committed capital. TDR seeks to invest in leading European companies and to partner with them to develop and develop their operations.

Since its inception in 2002, TDR has created value by applying a high impact approach to a targeted portfolio of companies. TDR’s portfolio companies include, among others: World arrow, Asda, David Lloyd Leisure, EG Group and Stonegate Pub Group.

About Silverstripe

IAG Silverstripe is a private investment group focused on UK financial services, where their constituents have been investing since 2013. IAG Silverstripe is the UK arm of IAG Capital, an American private investment firm which has enjoyed unparalleled success for 30 years in the field of private investments in specialized financing. In addition to Jaja, IAG Silverstripe UK portfolio includes a substantial stake in Zopa Group Ltée.

On Future Fund

The Future Fund was created to support the UK innovative companies affected by Covid-19. These companies have not been able to access other public business support programs, such as CBILS, as they are either pre-income or pre-profit and generally depend on equity investments.

The Future Fund, now closed to new applications, provided UK-based companies with convertible loans, provided that the third party investors at least match the government’s commitment. Convertible loans are designed to be converted into equity in the next round of equity financing. The Future Fund was developed by the UK government and issued by the British Investment Bank.

www.linkedin.com/company/jaja-finance

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