Digital wallet provider Hyperlayer closes in on £30m funding boost

A British fintech which counts Standard Life among its cardinal clients is adjacent to finalising 1 of the industry's biggest backing rounds truthful acold this year.

Sky News understands that Hyperlayer, which is tally by the erstwhile Morgan Stanley enforcement Rob Rooney, is lining up a large equity injection led by CDAM, a UK-based concern firm, and respective caller organization investors.

City sources said this play that the caller superior from CDAM and different backers could full astatine slightest £30m.

The backing circular is expected to instrumentality spot astatine a post-money valuation of astir £160m.

Hyperlayer, which operates a consumer-facing integer wallet called Hyperjar, intends to usage the caller backing arsenic maturation superior to concern the improvement of caller partnerships with planetary banks and plus managers.

The institution provides astute relationship exertion connected existing lawsuit infrastructure, and is said to enactment with a fig of the world's 10 largest banks - though it has not publically disclosed their identities.

Its enactment with Standard Life involves the aboriginal motorboat of a user wealth app aimed astatine radical approaching oregon successful aboriginal retirement.

Hyperlayer's consumer-facing level sees customers organise their wealth successful what the institution calls "digital jam jars", enabling them to gain rewards which springiness them entree to spouse brands specified arsenic Asda, Morrisons and Starbucks.

IKEA and the John Lewis Partnership are among the different merchant partners with which Hyperlayer is moving to make distinctive loyalty-based initiatives for its fiscal instauration clients.

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Founded successful 2006 by Adam Chamberlain and Scott Davies, CDAM has $1.5bn successful assets nether absorption and is an experienced capitalist successful fiscal services technology.

Mr Davies has had a spot connected Hyperlayer's committee for respective years.

Mr Rooney, who was a salient Wall Street enforcement for years, yet serving arsenic Morgan Stanley's exertion operations, joined the institution arsenic CEO successful 2023.

The caller superior injection led by CDAM is understood to beryllium taxable to support by Hyperlayer's shareholders.

Hyperlayer declined to remark connected Sunday.