Recently, Fintech Australia put the spotlight on ExtrasJar as we opened our crowd-sourced funding campaign to the public with a mission to revolutionise insurance. Fintech Australia is an organisation building an ecosystem of Australian fintech and serves as a voice of the community to advance the global economy and culture.
Our equity funding raise on Birchal is still ongoing, and we are giving an opportunity to a wider network, including our customers, to own a bit of ExtrasJar and be shareholders of the company.
“We are excited that our customers also want to be shareholders and they are passionate about what we are doing. During the private round of the raise, the company hit its minimum raise target in two hours,” said ExtrasJar co-founder, John Connor.
The funds from the raise will be used to scale and accelerate our growth, roll out a suite of new products, and reach the objectives we set in the next 18-24 months if we reach our maximum funding target.
Earlier this year, we also completed a seed round with the Sydney Angels as our lead investor that paved the way for us to successfully elevate our website, develop the ExtrasJar app, and roll the ExtrasJar Health and Pet Extras accounts which are currently offered to the public.
We recognise that several Australians out there still need to see and experience the ExtrasJar revolution. They deserve genuine healthcare protection where they will see how their hard-earned savings can also work for them. And that is why we are looking to expand our footprint further and reach a larger population of our fellow hard-working Aussies.
“When you buy a health extras policy, that’s exactly what’s happening – you’re paying extra. 12.5 million Australians pay $12 billion towards ‘extras cover’ and only get $5.6 billion back in benefits. That’s why we launched our revolutionary health extras product first in July 2022,” Connor said.
Connor, alongside Reece Frazier, co-founded ExtrasJar out of their frustration that Australians (including themselves) were getting a lack of value for money from their insurance, particularly health insurance and health extras.
According to Fintech Australia, with ExtrasJar’s health extras product, customers can save to pay for health extras. Savings are invested into the ExtrasJar Managed Investment Scheme. Customers can access their investment units at the point of sale to pay for treatments using their ExtrasJar Mastercard®.
Aside from reaching more Australians to introduce ExtrasJar, we are also working on offering new innovative products in order to truly provide revolutionary peace of mind for them, their entire family, and their best furry mates.
“Extras is just the beginning, and we are now focusing on launching a private health insurance product as well as pet insurance, so our furry friends are also protected,” said Frazier.
He added: ”Our insurance products will feature a self-insurance deposit which can be used to lower premiums. Think of it like a bond you’d pay a landlord upfront if you rent a property. If you don’t claim, you get your bond back.”
We are grateful for this feature from Fintech Australia, especially as we are currently on the journey of achieving our maximum funding target on Birchal. This will help us spark the interest of more potential investors, including members of their organisation.
Read the full story here.
If you are interested in joining our current investors and being co-owners of ExtrasJar, feel free to visit our page on Birchal by clicking the button below to place your investment.
