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August 19, 2022

Indian savings platform Jar rakes in $22.6m in Series B round

Jar, an Indian fintech app for savings and investments operated by ChangeJar Technologies, has secured $22.6m in its Series B funding round led by current investor Tiger Global Management.

The latest funding round valued the fintech startup at $300m.

The funding round was joined by existing investors Eximius Ventures, Force Ventures, Arkam Ventures, LetsVenture, Rocketship Venture Capital and WEH Ventures.

New investor in the round included 1Finance, Cloud Capital, Capier Investments, Folius Ventures, Panthera Capital, Prophetic Ventures, among others.

Jar CEO and co-founder Nishchay AG was cited by The Hindu BusinessLine as saying: “We are seeing a 20% 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.”

Jar plans to use the funds to continue building its one-stop savings financial platform and expand team size.

Tiger Global partner Alex Cook said: “By starting with digital gold, a well-understood and well-loved asset class in India, Jar’s savings app has quickly gained trust and traction with young earners interested in developing a saving and investment strategy.

“We are impressed with the company’s rapid growth and are excited to double down as they expand into new asset classes.”

In its Series A funding round in February 2022, led by Tiger Global, Jar secured $32m.

The fintech also raised $4.5 million in August 2021 under its seed funding round.  

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