Fintech startup Jify raises $10 Mn in Series A round

Earned wage access and employee financial benefit startup, Jify.co has raised $10 million in its Series A round from Accel and Nexus Venture Partners. 

The funds will be used to strengthen its fintech product offering, ramp up customer acquisition across sectors and cities, while also driving adoption among the workforce.

Jify partners with companies to enable employees to access their earned salary on-demand, in real-time and at zero cost i.e. 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.

Since its launch, Jify has claimed to have seen strong adoption of more than 50% by its user groups in partner corporates.  

In January this year, the Mumbai-based startup had raised its seed round from Amica Financial Technologies, Accel, VCAPL, Qed Innovation Labs among others.

Jify competes with the likes of Refyne, Kaarva, Daily Salary, Pagaar and Fair Pay in the employee financial benefit  space. In January, Refyne scooped up $82 million in its Series B round led by Tiger Global.