[Funding Alert] Jify raises $10Mn Series A funding to expand its No-Cost, No-Risk offering

Jify Cofounders

Fintech Startup Jify has raised $10 million in Series A funding from Mumbai-based Accel and Nexus Venture Partners.

Jify will use the funds to strengthen its fintech product offering and accelerate customer acquisition across sectors and cities while driving adoption among the workforce.

Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan and Aditya Mehta, Jify solves financial challenges by partnering with corporations to offer “no-cost, no-risk” access to earned salaries for their employees.

The startup works with companies to give employees access to their earned wages on demand, in real-time and at zero cost, i.e. an employee of a partner company can log in to Jify, view their accrued income and withdraw a portion of their salary for days worked. Jify addresses this liquidity mismatch between blue-collar, grey-collar, and white-collar workers, a recurring need for many of them. 

Anusha Ramakrishnan, Co-founder and COO of Jify, said, “This round of funding will give Jify the ability to scale in the Indian market. We will be able to build our teams nationally, offer the best in technology and create innovative product experiences for both employers and employees. Funding will also help us improve our client acquisition capabilities.” 

Manasi Shah, Investor and Vice President of Accel, said, “Jify is leading the emerging wave of financial inclusion and benefits for India. Jify creates a win-win for the Indian workforce that can better manage cash flow and savings for employers and can offer critical benefits and reduce attrition. Accel has known the Jify team since it pre-seeded through the Atoms program. We are excited that a new category of Jify is opening under the exceptional leadership of Anish, Anush and Aditya.”

Anand Datta, Director at Nexus Venture Partners, said, “There is a significant gap in the market, particularly in consumer finance, where most professionals are either misinformed or uninformed about the basics of their financial health. This stems from the lack of financial products that are tailored to their needs while being easily accessible from a trusted platform.”

Datta added, “The founders of Jify created this user-friendly fintech platform to meet this very gap with practical solutions that will ultimately help transform borrowers into savers, thereby strengthening their financial health.”

In addition to addressing the liquidity mismatch faced by the workforce through earned wages, the fintech platform was also designed to encourage its users to track their spending, set practical savings goals, facilitate smart budgeting and access simplified financial advice in the Jify app alongside its digital card.

For the employed workforce, Jify offers ‘Smart Spend’ and ‘Smart Save’ features in addition to its flagship product of free on-demand salary access. This can be accessed using the Jify digital card in the app, where employees can enjoy cashbacks and rewards along with other benefits such as smart budgeting and expense tracking.

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