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HyperJar raises £19m for money management app

Hyperjar Series A
Image credit: Hyperjar

Startup HyperJar has banked $24m (£19.3m) in Series A capital for its money management app and card service.

Based in London, HyperJar’s Series A was led by Susquehanna Private Equity Investments and attracted investment from the Healthcare of Ontario Pension Plan.

“In a very tough fundraising environment, this investment represents terrific confidence in what we’ve built so far and in HyperJar’s future as a global business,” said HyperJar’s CEO Rob Rooney.

The idea behind the fintech’s money management is to segregate money into named saving jars for specific purposes. Each jar can be allocated to have money taken from them at certain shops.

Businesses can use the software to issue their own version to existing customers.

According to the startup, it already has more than 500,000 UK customers.

“Making spending money go further is the fastest way for most people to improve their financial position, but this is not what banks, credit platforms, payment platforms or asset and wealth managers are set up to do,” said Rooney.

HyperJar will now focus its energy on growing both its personal and business offerings in North America and Europe.

Rooney was appointed HyperJar’s chief executive in January after a career at Morgan Stanley.