Jar announced that it had raised $32 million in a funding round led by Tiger Global. New investors like Rocketship.VC, Third Prime, Stonks, Force Ventures also joined the fundraising, and existing investors such as Arkam Ventures and WEH also participated in the funding round.

Founded in May 2021 by Misbah Ashraf and Nischay AG, Jar introduced its gold-based savings product in June. It currently has a user base of 4.7 million. The Jar app saves a tiny amount each time one makes a transaction and invest it in digital gold, which can be withdrawn as physical gold or liquidated. “We have seen massive growth. We have over 100 transactions per minute on our platform. And we just saw a jump of 20 per cent in investments from users on a month-on-month basis,” Nischay AG, Co-founder of Jar, said.

The jar will use the new capital to offer lending and insurance to users and continue to enhance distribution and develop savings habits among users. “Overall financial literacy is very low among first-time investors, and they need to be educated and develop investment habits. We are planning to launch two more financial products,” he added.