Moneyview, a consumer lending platform based in Bengaluru has acquired Mumbai-based employee benefit startup Jify. The acquisition comes at a time when the startup just raised new funding and has turned unicorn.
The acquisition involved a share swap whereby venture capital firms Accel and Nexus Venture Partners, the existing investors of Jify, were allotted shares of Moneyview. Accel is an existing investor in Moneyview, too.
Jify offers a zero-cost, real-time salary advance platform for employees, giving them on-demand access to their earnings. The platform also includes features like a Jify Salary and Benefits Card, which provides cashback and rewards for spending, and options for micro-savings, such as investing in digital gold.
Jify services over 250 large corporations with millions of employees. Through the acquisition, Jify will be able to offer financially underserved Indian consumers a suite of products like personal credit, UPI, insurance, savings, home loans and loans against property, the company said in a release.
“This strategic acquisition is set to strengthen Moneyview’s comprehensive suite of financial services while enabling Jify to scale its offerings to a wider network of employees and organizations,” the company said in a statement.
Previously, Jify raised $10 million from Accel and Nexus Venture Partners in June 2023 and is backed by other notable investors, including Amica Financial Technologies and Qed Innovation Labs.
Puneet Agarwal, Co-founder & CEO, Moneyview stated, “We are committed to providing solutions that empower Indians not only to access personal finance but also to manage their income and investments more effectively. The acquisition of Jify is a significant step in this journey. We are eager to use this collaboration as a way to strengthen and grow the strong customer base that Jify caters to and take it to new heights.”
Post the acquisition, Jify’s founders will join Moneyview.
“As we move ahead, we will continue to bring more such solutions that will enable our current and prospective users to manage all their financial needs under one roof. We are excited to welcome Anisha, Anusha, Aditya and the entire Jify team to the Moneyview family,” he added.
Anisha Dossa, Co-founder & CEO, Jify.co stated, “Moneyview, with it’s range of financial solutions spanning credit, personal finance, insurance, and savings products, will enable Jify to serve over 10 million employees within the next two years and establish ourselves as the premier employee financial wellness platform for salaried individuals. We are thrilled to partner with Moneyview and look forward to creating a tremendous impact on financial inclusion.”
