Key facts
- Jaja Finance has drawn down nearly £50m from a debt facility since March, paying 15% annual interest.
- The company reported a pre-tax loss of £35.8m for 2025, a 30% increase from the prior year.
- Revenue increased by 6% to £12.4m in 2025.
- Jaja Finance received £42m in equity investment from shareholders during the year.
- The company decided not to proceed with the 'Falcon Master Trust' refinancing and is pursuing 'Project Ulysses'.
Jaja Finance, the company behind the Asda credit card, has significantly increased its debt and is facing substantial interest payments. The firm drew down nearly £50 million from a debt facility since March, incurring a 15% annual interest rate, adding to the £42 million drawn last year. This comes as Jaja reported a pre-tax loss of £35.8 million for 2025, a more than 30% jump from the previous year, while revenue rose 6% to £12.4 million. Consequently, the company's debt interest payments now exceed its annual turnover.
Jaja Finance attributes the losses to ongoing investment in its operational infrastructure, customer acquisition, and servicing costs. The company has historically relied on investment from its parent company to meet its financial obligations and capital adequacy requirements. During the year, Jaja also secured an additional £42 million in equity investment from its shareholders to fund operations.
Founded in 2015, Jaja Finance was acquired by the billionaire Issa brothers and TDR in 2021. It began offering credit cards for Asda in 2022 after the investment group purchased the supermarket. Zuber Issa has since divested his stake to TDR. Jaja's debts are managed through a company owned by Pana Finance, which raises wholesale debt via the International Stock Exchange in Guernsey.
Previously, Jaja had aimed to finalize a new debt structure called the 'Falcon Master Trust' by October. However, the company has now decided not to proceed with that refinancing. Instead, it is pursuing a new financing plan, 'Project Ulysses,' intended to offer greater flexibility in accessing and structuring medium-term funding. Jaja's parent company, Jersey-based Ray Fintech, was formerly known as Phantom Investments, a name change prompted by concerns over its connotations.