A British fintech which counts Customary Life amongst its key shoppers is near finalising one of many trade’s greatest funding rounds to this point this yr.
Sky Information understands that Hyperlayer, which is run by the previous Morgan Stanley government Rob Rooney, is lining up a significant fairness injection led by CDAM, a UK-based funding agency, and several other new institutional traders.
Metropolis sources mentioned this weekend that the brand new capital from CDAM and different backers might complete at the very least £30m.
The funding spherical is anticipated to happen at a post-money valuation of about £160m.
Hyperlayer, which operates a consumer-facing digital pockets referred to as Hyperjar, intends to make use of the brand new funding as progress capital to finance the event of latest partnerships with world banks and asset managers.
The corporate supplies good account know-how on present shopper infrastructure, and is alleged to work with quite a lot of the world’s 10 largest banks – though it has not publicly disclosed their identities.
Its work with Customary Life entails the long run launch of a client cash app aimed toward individuals approaching or in early retirement.
Hyperlayer’s consumer-facing platform sees prospects organise their cash in what the corporate calls “digital jam jars”, enabling them to earn rewards which give them entry to accomplice manufacturers reminiscent of Asda, Morrisons and Starbucks.
IKEA and the John Lewis Partnership are among the many different service provider companions with which Hyperlayer is working to develop distinctive loyalty-based initiatives for its monetary establishment shoppers.
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Based in 2006 by Adam Chamberlain and Scott Davies, CDAM has $1.5bn in property below administration and is an skilled investor in monetary companies know-how.
Mr Davies has had a seat on Hyperlayer’s board for a number of years.
Mr Rooney, who was a distinguished Wall Avenue government for years, in the end serving as Morgan Stanley’s know-how operations, joined the corporate as CEO in 2023.
The brand new capital injection led by CDAM is known to be topic to approval by Hyperlayer’s shareholders.
Hyperlayer declined to touch upon Sunday.
