Jaja Finance, the company operating the Asda credit card and its own credit card services, has added to its debt pile. Since March, the firm has drawn down nearly £50m from a debt facility, for which it pays a 15 per cent annual interest rate. This is in addition to £42m drawn from the same £100m facility last year.
The company posted a pre-tax loss of £35.8m for 2025, marking a jump of more than 30 per cent compared to the previous year. During the same period, revenue increased by six per cent to £12.4m. The firm stated that it now pays more in debt interest than its entire annual turnover.
Jaja Finance attributed the loss to "continued investment in operational infrastructure, customer growth and costs of acquiring and servicing the customers." The company also secured an additional £42m in equity investment from shareholders during 2025 to fund operational activities.
The firm had previously aimed to finalise a new debt structure, dubbed the “Falcon Master Trust,” by the end of October. However, Jaja now states it "elected not to proceed" with this refinancing and has instead begun a new financing plan, "Project Ulysses," to provide "further flexibility in how it accesses and structures funding over the medium term."