Fintech company Jasper announced the completion of a $ 34 million round of funding

The fintech company Jasper, which provides credit to customers who do not have a credit history in the banking system, announced today (Tuesday) the completion of a $ 34 million round of funding.
The US financial systems rely entirely on the central credit rating system, making it difficult for many to get credit. "I went to the United States to do my master's degree and I couldn't get a credit card," he says.
He said, "The credit rating system is good for 80% of people and 80% of the time. A U.S. university graduate, even if he started working at Goldman Sachs Investment Bank, has no credit history. An Israeli who relocates to the United States and starts working at Google, for example, will also encounter this problem. "
These are just some of the places where the system misses the opportunity to grant credit. Rosenrot has identified an opportunity for innovation - and in 2015 founded Jasper (originally CreditStack): a fintech company whose main product is a credit card on which it intends to provide additional financial services in the near future - deposits and loans.
"The banking field is outdated and biased against customers so it's not exactly a love story," Rosenrot adds. "A banker gives you an umbrella when there is sun outside and takes it when it drops a bit from the sky. So we are working on another set of products in the banking world. In fact I am a neo-bank who does not have to lose half a billion dollars to function. Efficiency, excessive salaries, lavish real estate and high commissions are meant to fund such and such whims.
“We went on the air in January 2020 and since then we’ve been growing at a rate of 20% a month, getting emails from customers about us helping them start their financial lives,” Rosenrot says. For this purpose, the company has set up its own underwriting systems for credit risks.
The company's marketing method is unique and focuses on a member bringing a friend: for every member that a customer joins, he receives 1% cashback in a way that can accumulate up to 6% cashback. In fact the company passes the cost of customer purchase to users instead of spending money on ads, for example. The company now has 15,000 users with a turnover of $ 90 million a year. In addition, the company has an app that gives customers recommendations for responsible account management.
Jasper's fundraising announcement adds to the $ 14 million the company has raised so far. The Benslie International Fund, the Gauss Ventures Fund and the Israeli funds OurCrowd and SIBF participated in the fundraising round. In addition to raising capital, which will serve the company's growth and development needs, the company is raising another $ 100 million from WebBank in order to support its financial product.
The company has 50 employees at headquarters, some at the company's headquarters in New York and some at the development center in Israel, where the product team and its "risk" team are also located.