Wednesday, May 29, 2024

The Money Scaries: From Fear to Freedom

How the free money-saving app HyperJar is liberating Brits from their spending woes

  • Direct card payments from unlimited individual Jars (sub-accounts)
  • Shared in-app Jars that function as instant digital kitties for multiple users
  • Spending control options such as blocking spending on certain retailers
  • Customers gain a 4.8% AGR with some of their favourite retailers

Mat Megens, founder and CEO of HyperJar, comments on the importance of implementing sensible spending habits and how they can aid Brits in navigating the cost-of-living crisis.
As the nation observes the worst cost-of-living crisis seen in over a generation, our relationship with the source of the issue – money – is perhaps the worst it’s ever been. An analysis by the Institute for Fiscal Studies (IFS) found a median earner will be around £800 worse off this year after inflation hit a 30-year high and energy prices continue to soar. It’s fair to say – irrespective of one’s socio-economic standing – life and the way we spend it has changed.
Taking inspiration from the simple saving mechanism of the jam jar, HyperJar provides a visually engaging saving app that empowers users to control their expenditure and reorder how they use their money. From nurturing sensible spending habits for children, to being rewarded for committing expenditure with household name retailers with a 4.8% annual growth rate, HyperJar’s digital Jars represent an easy method for managing personal finances. 
Helping Brits get in control again, HyperJar’s simple toolkit of clever tech puts us one step ahead, one jar at a time, helping our reaction to ‘money’ transform from being a trigger of fear, to a source of feeling in charge again. Whether it’s teaching your kids to budget their pocket money, putting a collective jar together to save for your summer holiday, or keeping track of how much you spend on the weekly supermarket shop, HyperJar is here to help you use your money in smarter ways. 

How the HyperJar app and card work
 The HyperJar prepaid debit Mastercard can be used anywhere Mastercard is accepted and added to Apple Pay and Google Pay wallets. The card cannot be used for ATM withdrawals. The app is intended to run alongside a traditional bank account, not replace it. HyperJar is regulated by the Financial Conduct Authority under e-money rules, and all deposits are held in segregated accounts at the Bank of England. HyperJar also offers the only free specialist kids’ app and card in the UK for children aged 6+, making it a cost-effective alternative to other providers charging monthly fees. 
HyperJar CEO and founder Mat Megens is passionate about helping consumers implement good habits and change how they view saving to spend. 
“Without tangible benefits and incentives, it’s hard for any of us to get into good habits. With money, there’s just not been a good enough tool to plan ahead sustainably – until now.
HyperJar is like a to-do list for our money. It’s a way of seeing what, where and when we spend and to realise the power we have. With HyperJar, it’s this spending power we’re now rewarding customers for.”
Awards and recognition
 HyperJar’s innovative product has resulted in the company winning Startup of the Year 2022 and Personal Finance Tech of the Year 2022 at this year’s UK Fintech Awards. It also currently holds the Most Disruptive Payments Technology of the Year and Money Management App of the Year titles from the 2021 Payment Awards. This year HyperJar is also a finalist in four categories at the 2022 British Bank Awards and in three categories at the Card & Payments Awards 2022.
The Technical Stuff
 HyperJar Limited is a UK-based tech company bringing their money management app to market with an aim to turn saving funds into an easy, digital experience. Money paid into HyperJar accounts is kept in the Bank of England, managed by Modulr FS Limited, an authorised Electronic Money Institution regulated by the Financial Conduct Authority. Modulr is a directly connected participant to the Faster Payments and Bacs schemes.
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. Monavate Ltd, authorised by the Financial Conduct Authority, issues the HyperJar card. TagNitecrest produces the HyperJar Mastercard.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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