AA and Post Office credit card customers to move to Jaja Finance
In June, the relatively unknown digital finance company announced a “long-term credit card partnership” with the Bank of Ireland UK.
As part of the £530m acquisition, Jaja Finance would take on existing Bank of Ireland UK, Post Office, and AA credit card accounts.
From October, customers will receive new credit cards bearing Jaja’s branding and existing cards will stop working 30 days later.
The Bank of Ireland said it is writing to all affected customers detailing the change, however it does not disclose customer numbers.
While terms and conditions will remain the same, and customers will not see any change to credit limits, payment dates or their PIN, the new cards will mean a switch from the Mastercard platform to Visa for Post Office credit customers.
As part of the move, Jaja Finance will also become the consumer credit card issuer going forward for Bank of Ireland and the AA.
The sale excludes the Bank’s Northern Ireland commercial credit card portfolio.
Jaja is headed by Neil Radley, former managing director of Barclaycard in Western Europe and was founded by a trio of London-based Norwegian entrepreneurs – Jostein Svendsen, Kyrre Riksen and Per Elvebakk – which Jaja said have a successful track-record of launching and scaling technology-led financial services businesses internationally.
Jaja launched its own credit card last year and said the acquisition “forms part of its strategy to scale its UK credit card business”.
At the time of the announcement, Neil Radley, CEO of Jaja Finance, said: “This announcement with Bank of Ireland UK is an exciting and important development in Jaja’s journey and is part of our strategy to create partnerships that will help more people embrace a simpler way of managing credit. Our vision is to enable a new generation of mobile-first credit card products with unrivalled functionality, service and security. We’re excited to be welcoming Bank of Ireland UK customers as cardholders.”