Jasper Card closes Series A as it steps up its AI development

Jasper Card, which helps people improve their finances, has closed its Series A round on $34m.

Benslie International Fund acted as the lead investor, with commitments also coming from 500 Startups, Gauss Ventures, Off The Grid Ventures, OurCrowd and SIBF.

With the support of the equity, Jasper Card hopes to enhance its AI technology and deepen its underwriting model. It also hopes to introduce a new line of financial services.

Jasper Card provides consumers with a credit card and uses an algorithm-powered underwriting platform to assess creditworthiness. The platform differs from others by approving people based on their future potential credit and not just their credit history. It assesses their income, employment and other data points.

Jasper Card Founder and CEO Elnor Rozenrot said, “It’s time to present a new disruptive way for people to manage and grow their personal finances.

“Many banks have flashy websites and mobile apps, but the essence of the digital revolution that’s democratized so many parts of our life—win-win, fairness, the economy of one—has not followed. Imagine all your financial products, whether it’s credit cards, bank accounts, or loans, combined into one single service that just works for your benefit. That is exactly what we’ve set out to do, and we are on track to give our customers back most of what many financial institutions have taken for themselves.”

As part of the deal, Personal Capital vice-chair Mark Goines has joined the Jasper Card board of directors.

The FinTech company claims to have provided more than 15,000 credit cards, with these being used to spend more than $90m.

Last year, the FinTech company rebranded from  CreditStacks.

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