Fintech startup Jify raises $10M in Series A from Accel, Nexus Venture Partners
- ByStartupStory | August 4, 2022
Earned wage access and employee financial benefit startup, Jify.co announced that it has raised $10 million in its Series A round from Accel and Nexus Venture Partners.
The raised funds will be deployed towards expanding the company’s selection of FinTech products, increasing customer acquisition across industries and cities, and promoting worker adoption in the workforce.
The Mumbai-based startup observed that a sizable portion of the Indian workforce subsists on salaries, which causes their wealth to diminish.
The financial wellness company mentioned that “Approximately 70 percent of India’s 450 million workforce lives paycheck-to-paycheck, and, as a result, resorts to high-cost emergency credit or payday loans, with high-interest charges upward of 35 per cent. This drives them towards financial stress, impacting their overall well-being. The workforce ends up seeing an erosion of 30 per cent of their income annually which adds up to $50 billion,”
The startup also stated that the primary causes of wealth erosion are high-cost loans and a lack of savings discipline among younger generations and the working population. The company further mentioned “Only less than 12% of millennials save their income and a majority incur credit overdraft fees.”
Manasi Shah, Vice-President of 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 they had raised pre-seed via the Atoms program.”
About Jify
The mumbai based fintech startup was established in 2021 by Anisha Dossa, Aibara, Anusha Ramakrishnan ,Aditya Mehta and its Non Executive Director, Utkarsh Sain, Jify is a platform for accessing earned wages and providing financial benefits to employees. The start-up collaborates with businesses to give workers on-demand access to their earned salaries.
Follow Startup Story
Related Posts
