Fintech Startup Jify Raises $10M In Series A Funding From Accel, Nexus Venture Partners

Jify, a business providing access to earned wages and employee benefits, is based in Mumbai and announced on Wednesday that it had secured $10 million in Series A funding from Accel and Nexus Venture Partners. According to the official announcement, the funds earned through this round of fundraising will be utilised to improve the company's fintech product line, accelerate client acquisition across industries and localities, and foster workforce adoption.

Jify founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta solves financial issues by working with corporations to provide their employee bases with "No cost, no risk" earned pay to access.

An employee at a partner company can log onto Jify, examine their accrued revenue, and withdraw some of their money for the days worked. The startup works with businesses to enable employees to receive their earned salary on-demand, in real-time, and at no cost. For many blue-collar, grey-collar, and white-collar workers for whom this is a recurring necessity, Jify resolves this liquidity mismatch.

Investor and Vice President of Accel, Manasi Shah, stated that Jify is at the forefront of an emerging trend toward financial inclusion and advantages for India. Jify presents a win-win situation for businesses that can provide a crucial benefit and lower turnover, as well as for the Indian workers who can better manage their cash flow and savings. Since raising pre-seed money through the Atoms programme, Accel has known the Jify team. The introduction of the new category by Jify under the excellent leadership of Anisha, Anusha, and Aditya excites us.

"There is a noticeable gap in the market, particularly in the consumer finance arena where most professionals are either misled or unaware about the fundamentals of their financial wellness. This is a result of the dearth of financial products that can be easily accessed from a reliable platform and are tailored to their needs. The inventors of Jify developed this user-friendly fintech platform to fill that exact need with workable solutions that eventually encourage borrowers to start saving, thereby improving their own financial well-being," says Anand Datta, Principal Nexus Venture Partners.

The fintech platform has been designed to encourage users to track their spending, set realistic saving goals, support smart budgeting, and access streamlined financial advice on the Jify app, which is paired with its digital card, in addition to addressing the liquidity mismatch faced by the workforce through earned wage access. In addition to its core offering, free on-demand paycheck access, Jify also provides the "Smart Spend" and "Smart Save" features for its workers. Employees may access this through the Jify digital card on the app, where they can also take advantage of other perks like smart budgeting and spend tracking in addition to cashback and rewards.