A British fintech which counts Commonplace Life amongst its key purchasers is near finalising one of many business’s largest funding rounds to date this 12 months.
Sky Information understands that Hyperlayer, which is run by the previous Morgan Stanley government Rob Rooney, is lining up a serious fairness injection led by CDAM, a UK-based funding agency, and several other new institutional buyers.
Metropolis sources mentioned this weekend that the brand new capital from CDAM and different backers may 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 known as Hyperjar, intends to make use of the brand new funding as development capital to finance the event of recent partnerships with international banks and asset managers.
The corporate offers sensible account expertise on current shopper infrastructure, and is alleged to work with numerous the world’s 10 largest banks – though it has not publicly disclosed their identities.
Its work with Commonplace Life includes the long run launch of a client cash app aimed toward folks 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 associate manufacturers comparable to 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 purchasers.
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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 providers expertise.
Mr Davies has had a seat on Hyperlayer’s board for a number of years.
Mr Rooney, who was a distinguished Wall Road government for years, in the end serving as Morgan Stanley’s expertise 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.
