The startup will utilise the fund to strengthen its fintech product offering, ramp up customer acquisition and drive adoption among the workforce.
Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta, Jify partners with companies to enable employees to access their earned salary on-demand in real-time and at zero cost.
“This 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. It will also help us to enhance our client acquisition capabilities,” said Ramakrishnan.
Through the platform, 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.
The startup claims this prevents employees from falling prey to predatory payday loans, which charge high-interest rates.
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Additionally, Jify also offers ‘smart spend’ and ‘smart save’ tools to help employees track their spending, set practical saving goals, facilitate smart budgeting, and access to simplified financial advice on the Jify app, accompanied by its digital card.
“Jify creates a win-win for the Indian workforce who can better manage cash flow and savings, and for employers who can offer critical benefits and reduce attrition. Accel has known the Jify team since they had raised pre-seed via the Atoms program,” said Manasi Shah, investor and vice-president, Accel.
Currently, Jify competes with the likes of Refyne, which raised $82 million,
earlier this year in funding led by New York-based investment firm Tiger Global.
