Fintech startup Jify raises $10 million in Series A from Accel, Nexus Venture Partners

Mumbai-based earned salary access and commencement of employee financial benefits, Jify.coon Wednesday announced that it has raised 10 million dollars in its Series A financing from Accel and Nexus Venture Partners.

According to the official release, the capital raised through this funding round will be used to strengthen the fintech product offering, increase customer acquisition across sectors and cities, while increasing adoption among the workforce.

Anusha Ramakrishnan, Co-Founder and COO, Jify, said, “This funding round will enable Jify 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 improve our customer acquisition capabilities.”

Founded in 2021 of Anisha Dossa Aibara, Anusha Ramakrishnanand Aditya Mehta, Jify solves financial problems by partnering with businesses to offer “No Cost, No Risk” earned salary access to their employee base.

The startup works with companies to enable employees to access their earned salary on demand, in real time and at zero cost, i.e. an employee of a partner company can log into Jify, see accrued income and withdraw part of their wages for the working days. Jify solves this liquidity mismatch between workers with blue-collar workers and white-collar workers, for many of whom this is a recurring need.

Manasi Shah, investor and vice president, Accel, said, “Jify is leading a new wave of financial inclusion 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 “

Anand Datta, Principal at Nexus Venture Partners believes “There is a prominent gap in the market, especially in the consumer finance space where most professionals are either misinformed or uninformed about the basics of their financial well-being. This comes from the lack of financial products tailored to their needs and at the same time easily accessible from a trusted platform. Jify’s founders created this user-friendly fintech platform to address that very gap with practical solutions that ultimately help convert borrowers into savers, in turn empowering their personal financial well-being.”

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

For the employed workforce, apart from its flagship free on-demand payroll access, Jify also offers the ‘Smart Spend’ and ‘Smart Save’ facilities. This can be reached with Jify digital card on the app where employees can avail of cashbacks and rewards along with other benefits such as smart budgeting and spending tracking.