As per the official release, the capital raised will be used by Jify to strengthen its fintech product offering, ramp up customer acquisition across sectors and cities, while also driving adoption among the workforce
Mumbai-based earned wage access and employee financial benefit startup, Jify.co, on Wednesday announced that it has raised $10 million in its Series A funding from Accel and Nexus Venture Partners, as per YourStory.
As per the official release, 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.
Anusha Ramakrishnan, Co-founder and COO, Jify, said, “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.”
Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta, Jify resolves financial concerns by partnering with corporates to offer “No cost, No risk” earned salary access to their employee base.
The startup partners with companies to enable employees to access their earned salary on-demand, in real-time, and at zero cost, i.e., an employee at a partner company can log into Jify, view their accrued income, and withdraw a portion of their salary for the days worked. Jify solves for this liquidity mismatch across blue-collar, grey-collar, and white-collar workers, for many of whom this is a recurring need.
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 it 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 “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 customised 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.
For the employed workforce, apart from the flagship product of no cost on-demand salary access, Jify also offers the ‘Smart Spend’ and ‘Smart Save’ facilities. This can be accessed with the Jify digital card on the app where employees can avail cashbacks and rewards along with other benefits like smart budgeting and spend tracking, As per reported by YourStory.
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