Fintech startup Jar raises $22.6 mn in series B funding

Fintech startup Jar, which runs a savings and investments platform, has raised $22.6 million as a part of its Series B funding round led by Tiger Global Management, at a valuation of $300 million.

Jar's other existing investors including Arkam Ventures, Eximius Ventures, Force Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures, also participated in the funding round, the company said in a statement on August 18.

New investors including 1Finance, Capier Investments, Cloud Capital, Folius Ventures, Panthera Capital, Prophetic Ventures among others, also participated in the funding round, the company said.

Jar said that it will use the funds to expand its workforce and continue to build a comprehensive, one-stop savings financial platform.

"We are seeing a 20 percent average growth in users' savings from month to month and are excited to see them evolving into committed and confident investors. We will continue to expand our service offerings to suit them and help them achieve their goal of financial independence," said Nishchay AG, chief executive officer and Co-founder of Jar.

To be sure, Jar was eyeing a $50-million funding round at a valuation of over $350 million, according to a few media reports.

Jar had launched its mobile application in June last year and claimed to have already onboarded over nine million users. The platform saves a small amount every time a user makes a payment. The application has the access to look at users' transaction history and so it automatically rounds up users' daily spending and puts some money aside, which it invests in digital gold.

The platform currently clocks an average of 220,000 transactions a day, Jar claimed. Jar had also said that it will be expanding to other investment avenues like mutual funds