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Digital wallet provider Hyperlayer closes in on £30m funding boost
A British fintech which counts Standard Life among its key clients is close to finalising one of the industry's biggest funding rounds so far this year.
Sky News understands that Hyperlayer, which is run by the former Morgan Stanley executive Rob Rooney, is lining up a major equity injection led by CDAM, a UK-based investment firm, and several new institutional investors. City sources said this weekend that the new capital from CDAM and other backers could total at least £30m.
The funding round is expected to take place at a post-money valuation of about £160m. Hyperlayer, which operates a consumer-facing digital wallet called Hyperjar, intends to use the new funding as growth capital to finance the development of new partnerships with global banks and asset managers.
The company provides smart account technology on existing client infrastructure, and is said to work with a number of the world's 10 largest banks - although it has not publicly disclosed their identities. Its work with Standard Life involves the future launch of a consumer money app aimed at people approaching or in early retirement.
Hyperlayer's consumer-facing platform sees customers organise their money in what the company calls "digital jam jars.
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