Jasper cards, a financial services company that is looking to disrupt the card industry, has announced that it has raised $34 million in its Series A funding round that was led by Benslie Internation Fund and also had other investors like 500 Startups, Gauss Ventures, and others.
The company has been running a Jasper Card program which has witnessed some strong growth in recent months and it would be looking to make use of these new funds to build on the momentum. The company has already distributed over 15,000 cards of which $90 million has been spent so far on the Mastercard network.
“It’s time to present a new disruptive way for people to manage and grow their personal finances,” said Elnor Rozenrot, Founder and CEO of Jasper Card. “Many banks have flashy websites and mobile apps, but the essence of the digital revolution that’s democratized so many parts of our life—win-win, fairness, the economy of one—has not followed. Imagine all your financial products, whether it’s credit cards, bank accounts, or loans, combined into one single service that just works for your benefit. That is exactly what we’ve set out to do, and we are on track to give our customers back most of what many financial institutions have taken for themselves.”
The company says that it looks to give back to the customers almost the entire amount that it earns, by way of cashback. They have a unique referral program by which those who bring in new customers into the network would be rewarded with a minimum of 1% cashback all the way up to 6% for an entire year. This has been one of the USPs of the company which has helped it to build demand.
The ultimate aim of the company is to bring in most of the financial services that a client uses, like bank accounts, cards, and other products into a single service so that it would be easy for the clients to monitor and manage. The company has its own algorithm-driven underwriting platform which considers various aspects of the client like income, employment, and other sources of income and expenditure which helps it to generate its own credit score which is used internally to tailor the products that can be offered for each of its clients. The company is expected to use the funds for growth and expansion within the US for now.