Latest news with #JajaFinance
Finextra
08-07-2025
- Business
- Finextra
Loqbox credit-building tool integrates with Jaja Finance app
Loqbox, the award-winning credit-building platform, has partnered with Jaja Finance ('Jaja'), one of the UK's leading credit card providers, to support customers in strengthening their credit profiles and building long-term financial health. 0 The partnership will further enable Jaja to provide simple, fair, and efficient credit options to those who need it most, while introducing innovative ways to make credit more inclusive, empowering customers who have historically faced barriers to access and helping them build their credit scores. Loqbox's credit-building tool will be promoted within Jaja's app, giving customers access to structured, goal-driven ways to improve their credit scores and boost financial confidence, while supporting smarter financial habits along the way. This partnership represents a shared commitment by Jaja and Loqbox to embed financial wellness into the products people use every day—leveraging innovation and inclusivity to improve access to credit and drive stronger financial outcomes across the UK. At a time when UK consumers are navigating high living costs, complex credit decisions, and growing financial uncertainty, this collaboration reflects a wider shift in the credit landscape. Rising UK credit card borrowing means that people across all demographics are looking for smarter ways to manage their finances. According to the Bank of England, April saw UK consumers ramp up credit card borrowing, with net credit-card lending jumping to £800m from £400m in March, and consumer credit lending reaching £1.6bn. Meanwhile, revolving credit balances are also trending upwards. According to credit scoring agency FICO, average UK credit card balances rose by nearly 5% year-on-year to £1,875 in April, while the share of monthly payments remaining unpaid declined further, signalling growing strain. Against this backdrop, financial providers are being called to go beyond access to credit—offering the tools and support that help consumers use it more effectively and responsibly. Loqbox's tools are designed to complement traditional financial products—including credit cards - by helping members take structured steps to improve their credit profile and create lasting positive financial behaviours. In doing so, Loqbox helps providers like Jaja deliver long-term customer value through deeper engagement, increased trust, and stronger outcomes. Tom Eyre, CEO and Co-Founder of Loqbox, said: 'Credit cards are part of everyday life for millions of people, but they rarely come with the tools to help you build long-term financial confidence. That's where we come in. By working with Jaja, we're exploring how Loqbox can support people not just in accessing credit, but in learning how to use it to move forward.' Francesco Di Costanzo, CEO at Jaja Finance, said: 'By joining forces with Loqbox, we're integrating innovation that meets real needs—supporting our customers with tools that turn everyday credit use into long-term financial strength. We believe that credit can do more than provide access—it can empower our customers to buy, borrow and build. By embedding these tools directly into the Jaja experience, we're helping customers gain control of their financial wellbeing.' This new partnership comes after Loqbox revealed a startling gap in the UK's financial literacy levels. According to its exclusive survey data, one-third of consumers say that they don't fully understand the terms of their credit agreements, and younger generations, especially people aged 18-24 are experiencing the most financial stress in managing credit. Today, Loqbox has empowered more than a million people to take control of their finances while they save and build their credit score with the UK's three main credit reference agencies: Equifax, Experian and TransUnion. Overall, 80% of members feel better about their financial situation after using Loqbox, and 88% of members who track their credit scores have seen improvements. Whether they're struggling to save, have poor credit histories, or simply want to learn more about how the financial system works, Loqbox provides people with the knowledge, confidence, and tools to reach their financial goals and feel better about money.
Finextra
02-07-2025
- Business
- Finextra
JaJa Finance to offer personalised rewards to credit card customers based on their spending habits
Today, Jaja Finance ('Jaja') is once again leading the way in tech innovation with the launch of its revolutionary 'Launch to Rewards' interactive programme for Jaja Vanta Credit Card customers. 0 As a leader in consumer lending, Jaja is offering customers personalised goals based on their credit card behaviours through its app, moving beyond the traditional spend-based approach. In a move to encourage smarter financial choices and foster positive borrowing habits, Jaja is introducing credit card-focused missions that unlock exciting benefits along the way. Customers will receive three goals per month, such as 'make your minimum payment,' 'set up a direct debit,' or 'make an Easy Bank payment.' Once the customer completes their three goals they will receive their reward, but they will also receive stars, making the experience both engaging and rewarding. Customers who collect enough stars will have the opportunity to move to a new level where they will receive richer rewards. Missions will reset every month, giving everyone a fresh chance to join in and collect all their stars. Francesco Di Costanzo, Chief Executive Officer at Jaja Finance, said: 'Our new Launch to Rewards® programme is one of the first of its kind in the UK consumer lending space. No other rewards programme offers customers the same level of experience, based solely on their credit card habits. Our mission is to provide simple, fair, and efficient credit, empowering our customers to manage their credit effectively while encouraging positive spending habits. 'This programme is designed to make managing credit not only easier but also rewarding. We are aiming to enhance customer engagement, motivate better credit management, and reward loyalty. Consequently, customers will enjoy greater financial control and the satisfaction of being rewarded for their responsible spending habits.' In a move to redefine customer engagement and deliver lifetime customer value, Jaja will deploy advanced analytics to better understand its customers' preferences, prioritising their objectives, and evaluating their behaviours. Personalising these rewards means that Jaja can create a more enjoyable and tailored experience for customers. In 2024, Jaja became one of the first UK fintechs to launch a GenAI chat assistant, Airi, using Anthropic's state-of-the-art Claude 3 model family. Initially predicted to reduce customer response times by 65%, the digital lender has now reduced customer response times by 90%, answering customer enquiries in just under fifteen seconds, versus the three minutes it took prior to launch. Airi is now resolving 50% of customer enquiries, allowing customer service agents more time to deal with the more complex enquiries.
Finextra
18-06-2025
- Business
- Finextra
D•One delivers open banking connectivity to JaJa Finance
D•One, the open banking services business from The ClearScore Group, has announced a partnership with Jaja Finance to provide the insights-driven lender with open banking connectivity and transaction categorisation intelligence. 0 Jaja is the latest in a long line of progressive lenders leveraging alternative data to make responsible credit offers to consumers who would otherwise be excluded from mainstream lending. The partnership will enable Jaja to enhance financial inclusion by using data beyond traditional credit decisioning methods, offering a comprehensive view of a customer's financial health. This approach will ensure better outcomes for its customers. D•One offers Jaja the ability to efficiently integrate consumers' banking data into mainstream lending decisions. This data can be used to power smarter decisions, with enhanced accuracy leading to better outcomes for credit applicants and for lenders. D•One will also partner with Jaja to deliver more accurate income verification, risk insights, and affordability assessments. Tim Kelleway, Managing Director at D•One, said: 'Jaja is leveraging our enriched dataset to better understand financial behaviours and bring about more inclusive and sustainable lending decisions. This past year, we've seen a huge engagement with our proposition, and we've signed up some of the UK's most successful fintechs. The work we are doing here with our lender partners is undoubtedly changing the shape of credit decisioning in the UK, for the good of lenders and consumers.' Francesco Di Costanzo, Chief Executive Officer at Jaja, said: "Partnering with D•One to enhance our open banking offering is not just a strategic move for Jaja; it's a commitment to offering our customers simple, fair and efficient credit. This partnership is the next step in demonstrating our dedication to innovation and inclusivity. 'At Jaja, we continuously explore new data sources and innovative approaches to better serve our customers. Leveraging D•One's capabilities with our advanced analytics and risk models marks another milestone in transforming credit analytics for their benefit.' D•One uses a unique combination of extensive open banking records and credit expertise to drive immediate value for its lender clients. This includes identifying positive and negative risk indicators otherwise obfuscated in the transaction data, thereby 'splitting' the risk level of applicants and enabling up to a 60% reduction in arrears with no reduction in lending volume. As a result, it has helped participating lenders expand their risk decisioning beyond a reliance on credit reference agencies alone, enabling them to lend fairly and responsibly to financially excluded segments of society at a time where living costs have been escalating rapidly. In the last 12 months D•One's enriched open banking data has enabled approximately 120,000 consumers to receive an affordable loan that would otherwise have been declined.
