Jasper announces $34 mn Series A funding; welcomes Personal Capital Vice-Chair Mark Goines to its board

By Pavithra R

Jasper, a fintech credit card company has announced securing $34 mn round in Series A financing, led by Benslie International Fund, with 500 Startups, Gauss Ventures, Off The Grid Ventures, OurCrowd, and SIBF completing the round.

Founded in 2015, Jasper is an advanced financial services company challenging how traditional financial institutions make money. It has provided access to more than 15,000 credit cards issued by WebBank, with these cards being used to spend over $90 mn running on the MasterCard network. WebBank has also provided Jasper with access to $100 mn in receivables financing to accelerate the Jasper Card program, which has been growing 20% month-over-month.

“It’s time to present a new disruptive way for people to manage and grow their personal finances. 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,” said Elnor Rozenrot, Founder and CEO of Jasper Card.

Jasper is planning to use the new finance to grow its AI technology to further develop its underwriting model and introduce a new line of financial services. The FinTech company has also announced the joining of Mark Goines, Vice-Chair of Personal Capital to its Board of Directors that includes CardWorks Founder, Chairman, and CEO, Don Berman, Fraud Sciences Founder and CEO, Saar Wilf, Teva Pharmaceuticals’ former CFO, Eyal Desheh, and Industrialist Francisco Morphy.

“This has been a mammoth undertaking, and I’m proud to join an amazing team that has more than 150 years of experience in building and running businesses and financial companies, with a shared belief that banking should be made to work for customers,” said Mark Goines, Jasper Card’s newest Board Member and Vice-Chair of Personal Capital.

Jasper Card quickly expanded upon CreditStacks’ original mission that is helping professionals entering the United States without credit scores gain their financial footing. The Jasper model is based on an algorithm-driven underwriting platform that relies on income, employment, and a variety of other sources for producing a credit score based on the customer’s predicted future credit behavior rather than looking backward.