- HyperJar will take advantage of Modulr’s direct access to the Faster Payments scheme to reliably scale its product
- This will allow HyperJar customers to see bank transfers into their accounts instantly
- HyperJar is an easy, digital version of jam-jar budgeting with some PayTech magic inside
London, UK, 18th of August 2020
Money management app HyperJar has chosen the FinTech Modulr as its new payments infrastructure partner.
The move means HyperJar – which aims to build healthy, sustainable money habits and financial resilience - will offer its users Faster Payments from the 18th August 2020, powered by Modulr.
Modulr is a direct participant in Faster Payments and safeguards funds at the Bank of England. The switch to Modulr, and the immediate end-user benefits it brings, is a significant strategic move for HyperJar ahead of its full public launch later this year.
HyperJar uses a simple, digital version of jam-jar budgeting to give consumers a more sustainable and rewarding relationship with their everyday budget. Account holders plan their spending in advance, adding money to their account and then budgeting in virtual Jars for categories like groceries, household bills, holidays and nights out. The account comes with a prepaid Mastercard card.
Modulr is one of the few non-bank payment service providers to become a directly connected participant of the UK Faster Payments Scheme, and it holds an account at the Bank of England so that funds are settled directly. This provides reliability and scalability for HyperJar as it grows its business.
Powered by Modulr’s powerful payments engine, HyperJar can make and manage payments 24/7, with 99% of payments fulfilled in 90 seconds – all backed by Modulr’s industry-leading SLAs.
Shane Herraghty, card operations manager at HyperJar, said: “Modulr and HyperJar share a vision of delivering best-in-class payments technology, and we’re looking forward to continually enhancing our product in partnership with them.
“Our early users were clear that they expected real-time instantaneous payments to complement our innovative payment and loyalty platform. We listened. They’ll now benefit from instant transfer to and from their accounts, making managing their money on the go even easier.”
Myles Stephenson, CEO at Modulr, said: “HyperJar is exactly the kind of forward-thinking company that we like to work with. Their innovative budgeting app will be particularly valuable to consumers and households in today’s tough economic climate. Powered by Modulr, our 24/7 payments infrastructure will enable instant transfers for HyperJar’s customers and provide reliability and scalability as their business grows. We look forward to collaborating with HyperJar to drive even further innovation in financial services.”
Behind HyperJar’s simple, intuitive consumer interface are some world-first technical innovations, including direct payments from an unlimited number of sub-accounts: HyperJar’s proprietary processing engine recognises and assigns transactions to any number of segregated accounts, based on in-app selection.
App users can also share Jars with up to 100 others, creating instant, pop-up joint accounts and digital kitties.
Another first is the option to prepay to merchant partners. At launch, these include Lidl, Shell and Virgin Wines1. Every penny committed to a merchant ahead of spending – called HMoney - attracts a 4.8% Annual Growth Rate2 (AGR) for up to 12 months, calculated and added daily. An odometer in the app shows this increased buying power growing in real time. HMoney, including any rewards, must be spent with business it’s committed to but there is no time limit and it can be shared or gifted to other HyperJar users.
Retailers who are signed on to the app provide brand assets, merchant ID and contract information and HyperJar does the rest. The app’s back-end analytics deliver insights into broad as well as category-specific retail trends and consumer behaviour – including unique ‘intent to spend’ data - that can help reduce costs associated with customer acquisition and improve customer lifetime value.
Full list of HyperJar’s merchant partners at launch: https://hyperjar.com/merchants/
‘Annual Growth Rate’ (AGR) is a reward given by HyperJar’s merchant partners for making committed payments to spend with them in the future. Each advance payment attracts an AGR for 12 months, increasing spending power with that merchant. The AGR is calculated and applied daily. As an example, with a 4.8% AGR, a £300 advance payment to Lidl increases spending power with Lidl by 4 pence a day until the paid-in balance changes. All prepayments to merchants featured in the app benefit from the AGR.
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. www.modulrfinance.com
HyperJar Limited is a UK-based fintech company. Its HyperJar money management app is an easy, digital version of jam-jar budgeting with some PayTech magic inside. After a successful pilot, the app soft-launched in Q3 2019 in app stores with several technological innovations. These now include direct card payments from unlimited multiple individual Jars (sub-accounts), Shared Jars for 2-100 people that function as instant joint accounts and digital kitties, and a dynamic Annual Growth Rate on ‘pay now, buy later’ money prepaid to merchants featured on the app.
Money paid in to HyperJar accounts by users is managed by Modulr FS Limited, an authorised Electronic Money Institution regulated by the Financial Conduct Authority. As a directly connected participant to the Faster Payments and Bacs schemes, Modulr holds and settles funds at the Bank of England.
Mastercard, the world’s fastest payment processing network, provides the payment rails for the HyperJar prepaid card. Carta Worldwide receives and processes all the Mastercard transactions. CashFlows Europe Ltd, authorised by the Financial Conduct Authority, issues the HyperJar card. TagNitecrest produces the HyperJar Mastercard.
HyperJar closed one of the UK’s largest fintech seed investments in 2019 and is owned by its leadership team and private investors. Full public launch is planned for Q3 2020.