Employee financial benefit start-up Jify raises $10 million in funding

Earned wage access and employee financial benefit start-up, Jify has announced that it has raised $10 million in its Series A funding from Accel and Nexus Venture Partners. The capital raised through this round of funding will be used to strengthen its fintech product offering, ramp up customer acquisition across sectors and cities, while also driving adoption among the workforce.

Jify was founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan and Aditya Mehta. It is India's largest earned wage access and employee financial benefit platform.

The start-up partners with companies to enable employees to access their earned salary on-demand, in real-time and at zero cost i.e. an employee at a partner company can log into Jify, view their accrued income and withdraw a portion of their salary for the days worked.Jify solves for this liquidity mismatch across blue-collar, grey-collar and white-collar workers, for many of whom this is a recurring need.

Since its launch, Jify has seen strong adoption of more than 50% by its user groups in partner corporates. Additionally, Jify's holistic approach to financial wellness offers employees ‘Smart Spend’ and ‘Smart Save’ tools to ensure that all borrowers turn to savers.

“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," Manasi Shah, investor and vice-president, Accel said.

Less than 12% of millennials save their income

Increasingly, younger generations and the employed workforce are also seeing income erosion due to high-cost credit and lack of savings discipline fuelled by consumerism and rising needs. Only less than 12% of millennials save their income and a majority face credit overdraft charges. This pushes them into a debt trap that is hard to escape.