‘HyperJar is the one company I couldn’t say no to’, said Riddell, commenting on his move client-side after 25 years in consulting
London, 29 December 2020. The UK smart spending app, HyperJar, has appointed David Riddell as its new chief commercial officer.
Riddell will be responsible for merchant and partnership growth, international development and commercialising the company’s IP.
HyperJar’s current merchants include Shell, Virgin Wines, Dyson and Bloom & Wild, and Riddell’s remit covers accelerating the launch of existing pipeline merchants and developing new relationships as the company continues to scale.
Prior to joining HyperJar, Riddell spent 25 years consulting across international payments, loyalty, banking and retail sectors for clients including American Express, Chase, Mastercard, Barclays Bank, Bank of America, Carrefour, Target and Tesco. He is visiting Professor of Strategy at the London Business School, and strategic adviser to several animal charities, in addition to owning his own animal shelter.
‘We’re feeling pretty pleased with ourselves, luring David away from consulting to join us,’ said Mat Megens, CEO and founder of HyperJar. ‘His expertise in retail, loyalty and payments is unmatched. It’s only two months since the app’s public launch and the introduction of Kids Cards. We’re at the start of a period of huge growth and David’s strategic contribution to the leadership team, his connections and experience, are going to play a significant part in our future success.’
David Riddell said: ‘It’s been relatively easy to turn down other opportunities to move from consultancy to client side. HyperJar is the one company I couldn’t say no to. It’s a once-in-a-lifetime opportunity to revolutionise the payments and retail sectors, and their accelerating convergence, with a truly transformational proposition.
‘Customer loyalty has become increasingly predicated upon monetising transactional data to drive small incremental shifts in behaviour. This model neglects engagement and connection, and commoditises relationships. HyperJar reclaims and reinvents the dynamic between customers and where they spend. Our proposition achieves the holy grail of loyalty: sustainable, mutually dependent relationships.
‘HyperJar reinvents the end-to-end value chains of payments and retailing. From the model of forward-intent marketing, to a game-changing digitalisation of jam jar budgeting, to loyalty-funded working capital finance. HyperJar is establishing a true loyalty economy.
‘I am delighted and honoured to be given the opportunity to join the senior team and support the business on this journey.’
About HyperJar
HyperJar Limited (www.hyperjar.com) is a UK-based fintech company. Its HyperJar smart spending app is an easy, digital version of jam-jar budgeting with some tech magic inside.
After a successful pilot and beta, the app launched to the public in October 2020 with several technological innovations. These now include direct card payments from unlimited multiple individual Jars (sub-accounts), Shared Jars for 2-100 people that function as instant joint accounts and digital kitties, and a market-leading Annual Growth Rate on ‘save now, buy later’ money prepaid to merchants featured on the platform.
In November 2020, HyperJar launched Kids Cards, its prepaid ‘pocket-money’ card for 6-17 year olds. Managed via an adult account, Kids Cards can be used with Apple/Google Pay for children aged 13+, and benefit from zero monthly fees, zero load fees and zero fees for spending in other currencies.
Money paid into HyperJar accounts is managed by Modulr FS Limited, an authorised Electronic Money Institution regulated by the Financial Conduct Authority. As a directly connected participant to the Faster Payments and Bacs schemes, Modulr holds and settles funds at the Bank of England.
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. CashFlows Europe Ltd, authorised by the Financial Conduct Authority, issues the HyperJar card. TagNitecrest produces the HyperJar Mastercard.
