The startup will use the fund to bolster its fintech product offering, accelerate customer acquisition and drive workforce adoption.
Founded in 2021 by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta, Jify partners with businesses to give employees access to their earned pay on-demand in real-time at no cost.
“This funding will provide Jify with the capabilities to scale in the Indian market. We will be able to build our teams nationwide, deliver the best of technology and create an innovative product experience. customer acquisition,” Ramakrishnan said.
Thanks to the platform, an employee of a partner company can log in to Jify, view their accumulated income and withdraw part of their salary for the days worked.
The startup says this prevents employees from falling prey to predatory payday loans, which charge high interest rates.
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In addition, Jify also offers “Smart Spend” and “Smart Savings” tools to help employees track spending, set convenient savings goals, facilitate smart budgeting, and access financial advice. simplified on the Jify application, accompanied by its digital card.
“Jify is creating a win-win solution for the Indian workforce who can better manage cash flow and savings, and for employers who can deliver essential benefits and reduce attrition. Accel knows the Jify team since they raised pre-seeds through the Atoms program,” said Manasi Shah, Accel investor and vice president.
Currently, Jify competes with Refyne, which raised $82 million,
earlier this year in funding led by New York-based investment firm Tiger Global.