Home Payday loans website Fintech startup Jify raises $10 million from Accel and Nexus Venture

Fintech startup Jify raises $10 million from Accel and Nexus Venture

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Fintech start-up, Jify has raised around $10 million (approximately 79 crores) from Accel and Nexus Venture Partners. The company plans to use this new capital to strengthen its product and expand into more cities and sectors. Jify partners with businesses to give employees access to their earned pay on-demand, in real time, and at no cost.

Anusha Ramakrishnan, Co-Founder and Chief Operating Officer of Jify, said, “This round of funding will provide Jify with the capabilities to scale in the Indian market. We will be able to build our teams nationally, offer the best of technology and create an innovative product. experience for employers and employees,” as PTI reports.

Additionally, Accel Venture Capital Fund VP Manasi Shah said Jify creates a win-win situation, helping employees better manage cash flow and savings, and also enables employers to deliver a critical advantage and reduce attrition.

According to the website, Jify said that more than 70% of India’s workforce lives paycheck to paycheck and therefore resorts to emergency credit or loans on salary, with high interest charges north of over 35%. Additionally, he pointed out that less than 12% of millennials save money and a majority face credit card overdraft fees.

Jify thinks some of these quagmires can be solved by breaking the 30-day pay cycle and giving employees the choice to earn while they work, i.e. “access to earned pay.”

Additionally, Jify provides money management tools and guidance to help employees take their first steps towards financial security.

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