Jify.co, an earned wage access and employee financial benefit startup, has raised $10 million in its Series A funding round from Accel and Nexus Venture Partners.
The company plans to use the funds to strengthen its fintech product offering, accelerate customer acquisition across regions and cities, as well as increase adoption among the workforce.
The Mumbai-based Jify.co was founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta, It addresses financial concerns by partnering with corporates to offer “No cost, No risk” earned salary access to their employee base.
The company partners with companies to enable employees to access their earned wages in real time and at zero cost.
It addresses this liquidity mismatch among blue-collar, gray-collar and white-collar workers, for many of whom it is a recurring need.
“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”, said, Anusha Ramakrishnan, Co-founder and COO, Jify.
Since its inception, the company claims to have a strong adoption of over 50% by its user groups across partner corporates.
“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”, said, Manasi Shah, Investor and Vice-President, Accel.
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.”
Earlier this year, Jify had raised funding in its seed round from Amica Financial Technologies, Accel, VCAPL, Qed Innovation Labs among others.
Jify’s mission is to build financial resilience for the employed workforce.
Their core offering gives employees complete flexibility and access to their earnings on-demand so that they never have to take on high-cost credit or borrow from friends and family. Their goal is to provide long term financial wellness for a whole new category of the workplace.