Hyperjar, a London, UK-based provider of a B2C digital wallet, raised $24M in Series A funding.
The round was led by Susquehanna Private Equity Investments with participation from Healthcare of Ontario Pension Plan.
The company intends to use the funds to expand operations and its business reach.
Co-founded by Mat Megens and Paul Rolles, and led by CEO Rob Rooney, Hyperjar provides a digital wallet that helps people plan and navigate their journey from depositing money to spending it. Customers organise their money in digital jam jars, share them with people they want, link them to their brands, and spend directly from them with a debit card or their phone.
Money paid into the company’s accounts is managed by FCA-regulated embedded payments provider Modulr. Mastercard provides the payment services for HyperJar’s prepaid card.
The company also operates HyperLayer, the B2B venture which gives global enterprise customers access to the underlying HyperJar tech for spending, transactions, rewards capabilities and more. HyperLayer offers banks consumer and social network functionality to compete with digital-first challengers, helping deliver new revenue streams and satisfy Consumer Duty obligations. It also enhances the customer propositions of other enterprise clients, including asset managers, pension funds, merchants, and any organisation whose clients are also spenders.
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