Jasper Card rakes in $34m; WebBank commits $100m in receivables financing

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S-based Jasper Card has raised $34m in a Series A funding round led by Benslie International Fund. Other investors such as 500 Startups, Gauss Ventures, Off The Grid Ventures, OurCrowd, and SIBF also participated in the round, which includes $10m in funds from CreditStacks, which was previously announced along with its rebrand last year.

Concurrently, WebBank has agreed to offer $100m in receivables financing. Jasper Card will use the funding to accelerate the Jasper Card Program, grow AI technology, develop an underwriting model, and update the financial services portfolio.

Jasper Card said it has given access to more than 15,000 credit cards which have been used to spend over $90m, and its Jasper Card program has recorded growth of 20% month on month.

WebBank issues the Jasper Card, which runs on the MasterCard network. It aims to help professionals entering the US with no credit score to build a solid financial base. It uses an algorithm-driven underwriting platform to give a customer’s predicted future credit behaviour, rather than relying on their credit history.

Jasper Card founder and CEO Elnor Rozenrot said: “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.”

Personal Capital vice-chair Mark Goines will join the Jasper Card board of directors.