Jify, an employee financial benefits startup, has raised $10 million in funding from Accel and Nexus Venture Partners.

As per the startup, the raised funds will be utilised to strengthen its fintech product offering, ramp up customer acquisition and drive adoption among the workforce.

Founded by Anisha Dossa Aibara, Anusha Ramakrishnan, and Aditya Mehta in 2021, Jify is on a mission to build financial resilience for the employed workforce. The startup partners with companies to enable employees to access their earned salary on-demand in real-time and at zero cost.

Jify | Financial Wellness For The Employed Workforce

The startup gives employees complete flexibility and access to their earnings on-demand, so they never have to take on high-cost credit or borrow from friends and family.

Speaking on the development, Anusha Ramakrishnan, Co-founder of Jify, said,

“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.”

Using 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, thereby preventing employees from falling prey to predatory payday loans, which charge high-interest rates.

The startup also offers ‘smart spend’ and ‘smart save’ tools to help employees track their spending. Employees can also set practical saving goals, facilitate smart budgeting, and access simplified financial advice on the Jify app, accompanied by its digital card.

Commenting on the development, Manasi Shah, Investor and VP at Accel, said,

“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.”

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