Fintech startup Jify raises $10 mn funds from Accel, Nexus Venture

Fintech startup, Jify has raised funds approximately $10 million (about ₹79 crore) from Accel and Nexus Venture Partners. The company plans to utilise this fresh capital for strengthening its product and expanding into more cities and sectors. Jify partners with companies to enable employees to have access to their earned salary on-demand, in real-time, and at zero cost.

Jify co-founder and Chief Operating Officer Anusha Ramakrishnan said, "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," as reported by PTI.

Further, Venture capital fund Accel's Vice President Manasi Shah stated that Jify creates a win-win situation, helping employees better manage cash flow and savings, and also enables employers to offer a critical benefit and reduce attrition.

As per the website, Jify stated that over 70% of the Indian workforce live paycheck-to-paycheck, and, as a result, resort to emergency credit or payday loans, with high-interest charges north of over 35%. Further, it highlighted that less than 12% of millennials save and a majority face credit card overdraft charges.

Jify believes that some of these quagmires can be resolved by breaking the 30-day pay cycle and giving employees the choice to earn as they work i.e “Earned Salary Access”.

Also, Jify provides money management tools and tips to help employees take their first few steps toward their financial security