Jaja Finance and Asda to launch digital reward credit card

Jaja has signed a deal to bring a new reward-led credit card to Asda’s 18m customers.

A new credit card is hitting the market in Jaja Finance’s latest step on its plan to become the UK’s leading digital lender in the next three years.

The credit card lender has landed a deal with Asda to launch a credit card in association with Visa that will be offered to the retailer’s 18m customers across the UK.

Customers will be able to earn rewards based on their credit card spending to be redeemed at Asda, in-store or online, starting this summer.

For Jaja, this comes off the back of a multi-million-pound investment of up to £120m from KKR and TDR Capital, the start of a “long-term strategic partnership”.

The private equity giants first took control of the fintech last November, becoming majority shareholders in the business.

“At a time when inflation continues to rise and household budgets are being squeezed, we’re able to offer Asda’s 18 million customers the opportunity to get something back from their credit card,” Jaja CEO David Chan said.

“Our expertise in digital payments and lending means we can offer them access to credit when and where they need it alongside simplicity, rewards and good value for money.”

The company also aims to become the UK’s leading digital lender by 2025, with a 40 per cent increase in its employees by the end of the year.

Jaja has said this initial credit card offering marks the start of another “long-term relationship” for the company, this time with Asda, offering customers rewards at a time when households need it most.

“When we met with Jaja we were very impressed with their capabilities both now, and what they plan to offer for customers in the future,” Asda Money, Mobile and Gift Cards senior director Katie Walley said.

“Together we have built a great proposition, offering simplicity and rich rewards for our customers which we can’t wait to bring to the market.”

Jaja will partner with Visa to bring the card to users.