Jaja Finance Accepts New Customers for Vanta Purchase Credit Card

Published 5 months ago

Jaja Finance has begun accepting applications for its Vanta Purchase credit card, marking its come back into the market after a challenging period. This move is the first time the credit lender has directly accepted new customers since approximately 2019.

A Turbulent Path

In 2019, Jaja launched a credit card but later acquired the UK Bank of Ireland’s credit card business for £530m. This acquisition initiated a multi-year tech integration process which concluded with backers KKR and TDR Capital taking over the business through a £120m investment. Consequently, Jaja suspended its credit card applications and increased its customer base via its Post Office, AA, and more recently Asda-branded credit cards.

New Card with Zero Interest

The Vanta Purchase card has now reversed this trend. Jaja is offering new customers a card with zero per cent interest for the first four months, no annual fee, and a 34.9 per cent APR, all directly available on its website.

Jaja targets this card to near-prime customers, identifying a gap in the market from its collaboration with Asda, the Post Office, and AA. Lucas Dalglish, chief commercial officer at Jaja Finance, highlighted that near-prime borrowers are facing the brunt of increased borrowing costs.

Aiming for Market Leadership

Jaja also offers the Vanta credit card to customers who have improved their credit scores. This card comes with a lower APR but is currently only available via ClearScore.

Jaja CEO David Chan envisions the fintech company as the leading digital lender in the UK by 2025. Last year, the company reported a 40% increase in its workforce, demonstrating its commitment to achieving this goal.