FinTech start-up Jify raises $10m in Series A funding

By Leandra Monteiro

Earned wage access and employee financial benefit start-up, Jify.co has announced that it has raised $10 million in its Series A funding from Accel and Nexus Venture Partners.

The capital raised through this round of funding will be used to strengthen its FinTech product offering, ramp up customer acquisition across sectors and cities, while also driving adoption among the workforce.

Approximately 70% of India’s 450million+ workforce lives paycheck-to-paycheck, and as a result, resorts to high-cost emergency credit or payday loans, with high-interest charges upward of 35%. This drives them towards financial stress, impacting their overall well-being. The workforce ends up seeing an erosion of 30% of their income annually which adds up to $50 billion.

Manasi Shah, Investor and Vice-President, Accel said, “Jify is leading an emerging wave of financial inclusivity and benefits for India. Jify creates a win-win for the Indian workforce who can better manage cash flow and savings, and for employers who can offer a critical benefit and reduce attrition. Accel has known the Jify team since they had raised pre-seed via the Atoms program. We are excited to see the new category Jify ushers in under exceptional leadership by Anisha, Anusha and Aditya.”

Anand Datta, Principal, Nexus Venture Partners believes that “There is a prominent gap in the market, particularly, in the consumer finance space, where most professionals are either misinformed or uninformed of the basics of their financial wellness. This stems from the lack of financial products which are customized to suit their needs and at the same time easy to access from a trusted platform. Jify’s founders have created this user-friendly fintech platform to cater to that very gap with practical solutions that eventually help convert borrowers into savers, in turn, strengthening their personal financial wellness.”

Apart from addressing the liquidity mismatch faced by the workforce through earned wage access, the fintech platform has also been engineered to encourage its users to track their spending, set practical saving goals, facilitate smart budgeting, and access simplified financial advice on the Jify app, accompanied by its digital card.

Anusha Ramakrishnan, Co-Founder and COO, Jify added, “This round of funding will provide Jify with the capabilities to scale within the Indian market. We will be able to build our teams nationally, offer the best in technology and create an innovative product experience for both employers and employees. The funding will also help us to enhance our client acquisition capabilities.”