Jaja Finance Agrees £250m Lending Facility Following KKR and TDR Investment

Aug 26, 2022 | News

Jaja Finance Ltd has agreed a £250m warehouse lending facility to allow the digital credit card provider to accelerate its growth.

The announcement follows the company securing £120m from private equity investors and majority shareholders KKR and TDR five months ago.

The newly confirmed facility with BNP Paribas and Citi enables Jaja to complete the purchase of a seasoned portfolio of credit card accounts it currently services.

Earlier this year, Jaja formed a partnership with Asda Money through the launch of Asda Money Credit Card, which will reward Asda customers when they shop in store or online.

David Chan, chief executive at Jaja Finance, said: “It was only five months ago that Jaja received its initial investment of £120m and it is an absolute testament to the strength of our people and our proposition in what we have achieved in this very short period of time.

“We recently announced our partnership with Asda, and since launch of the new rewards credit card just a few weeks ago, we have seen thousands of Asda customers already signed up. The completion of this facility couldn’t have come at a better time.

“The size of this transaction indicates not only the scale of our ambitions but also the belief of our investors and lending partners in the power of our business model. The additional lending capacity will allow us to accelerate our growth and help us to expedite our ambitious plans of becoming the UK’s leading digital lender.”

Sidley Austin acted as legal adviser to Jaja. BNP Paribas and Citi both were both represented by Clifford Chance acting as legal adviser.

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TSCP pursues investment opportunities in the Life Sciences & Healthcare, Software & Technology, and Business and Consumer Services and Products sectors. TSCP VI will focus on equity investments of $50 million to $250 million in companies with EBITDA between $5 million and $50 million. The firm has begun actively investing the new fund, with approximately twenty-five percent of the Fund already invested in four platforms.

“We are excited to continue to grow our firm, as we remain committed to our fundamental strategy of partnering with founders and management teams in our core industries of focus,” said Bob Dunn, Managing Partner of TSCP, “and then providing the right support and resources to help these already-exceptional businesses achieve accelerated growth – creating value for founders, management teams and our investors.”

Kirkland & Ellis LLP served as fund counsel for TSCP. Park Hill Group acted as placement agent for TSCP.

Source: Business Wire

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