August 25: A comprehensive annual report co-authored by experts at KPMG and HSBC, places Bengaluru-based fintech start-up Jar (the nation’s first micro savings and investments platform) on a select list of ‘Leading 100 Emerging Giants in Asia Pacific’, 2022. The report, which surveys over 11 countries, takes an in-depth look at new economy businesses across the region which are believed to make a lasting impact on the global business landscape over the next decade.
As the report states, consideration for placement on this list is made after intensive market analysis including metrics such as valuations and venture capital received, as well as KPMG and HSBC’s assessment of the future growth potential of these companies.
Jar recently raised $22.6 million as a part of its Series B funding round led by Tiger Global, at a valuation of $300 million. Jar will, in part, use the fresh funds to expand into multiple financial services like facilitating lending, selling insurance products and advising people on investing in financial products from mutual funds to fixed deposits.
In the report, Dan Roberts, Global Head of Business Banking, HSBC, says: “With a fast growing and digitally native middle class, Asia Pacific will continue to be the world’s growth engine. Combined with a very dynamic business environment, this presents tremendous growth opportunities for businesses that can leverage the rapid digitization of this vast ecosystem.”
Jar speaks closely to this large addressable market. The app, links to existing user accounts with any formal bank, automatically rounds up every transaction to the nearest 10th digit number and uses the collected difference to purchase digital gold. And for those who want to automate their savings, Jar lets the user set any amount (starting from Rs.10) to be saved daily and automatically.
Jar aligns with existing behavioral norms such as daily user interactions across digital platforms and leverages India’s long standing confidence in gold as a tangible, mobile and low-risk asset class. Founded in January 2021 by Misbah Ashraf and Nishchay AG, the company’s vision is to inculcate the habit of savings and investments among Indians, thereby helping them achieve financial independence and create wider societal financial inclusion.
Jar launched its first gold-backed savings product in June 2021. The company currently serves over 9 million customers and clocks an average of 220,000 daily transactions.
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