Bengaluru-based fintech startup Jar, has raised $32 million in a Series A funding round led by New York-based investment firm Tiger Global Management.
This funding round led by Tiger Global Management & other investors also participated in this funding round including Rocketship.vc, Stonks, Force Ventures, Arkam Ventures, Klarna founder Victor Jacobsson, Suleman Ali of Ali Capital, Shamir Karkal of Sila Money, Byron Ling of Cannan Partners and Joel John of Ledger Prime.
Bengaluru-based fintech startup Jar was founded by Nishchay AG and Misbah Ashra in 2021. Jar is the first Made in India app to come up with an innovative solution to save money daily and invest automatically in digital gold for the best gold rate.
“We are helping people get comfortable with the idea of investing, What we have found is that once people build a familiarity with investments, they build a habit to invest more. A habit and discipline is clearly being formed and we see a jump of 20 percent in investments month over month by users.” Nishchay AG, Co-founder, Jar, said.
Fintech app Jar will use latest round of funding to build new financial instruments besides its current offering—digital gold & offer users lending and insurance.
“Jar is bringing new users into the online investing space, starting with digital gold as the first product. We are bought into Jar’s mission of helping users build a daily savings habit, and we’re excited to partner with the team as they scale to millions of customers.” Alex Cook, Partner at Tiger Global, said.
Jar is a daily gold savings app that lets you save money by taking spare change from your online transactions and investing it in digital gold automatically.
“India has a large underserved population in terms of financial saving products, especially in Tier-II and III cities. Jar serves these people with a simple and easy to use a product that enables savings and builds trust and hence Jar’s growth is off the charts!” Sailesh Ramakrishnan, Partner at Rocketship.vc, said.
India, the world’s second-largest internet market, is witnessing a promising shift as a majority of Gen Z begins to lean toward responsibly saving money as they enter the workforce, Misbah Ashra, Co-founder, Jar, says.
They want to reintroduce this generation to the concept of piggy banks by helping them save in digital gold and staying bank agnostic so that no matter who a user banks with, they can always save using Jar.