Jify, a fintech that offers employee benefit, has raised $10 million from Accel and Nexus Venture Partners in a funding round. The start-up plans to utilise this capital to strengthen its product portfolio and scale its operations to cover more sectors and cities. 

Anusha Ramakrishnan, co-founder and COO, Jify said this funding would also help the fintech enhance its client acquisition capabilities. "This round of funding will give Jify 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 for both employers and employees," she claimed. 

Manasi Shah, vice president at Accel, added that Jify creates a win-win situation. "It helps employees better manage cash flow and savings, and also enables employers to offer a critical benefit and reduce attrition," she said.

Ramakrishnan co-founded Jify in 2021 along with Anisha Dossa Aibara and Aditya Mehta. The company partners with companies to enable their employees to access salary on-demand in real-time and at zero cost. Registered users can log on to the fintech platform to view their accrued income and withdraw a portion of their salary for the number of days they have worked.

Jify also claimed that over 70 per cent of Indian employees live paycheck-to-paycheck. This compels them to resort to emergency credit or payday loans, which charge high-interest rates. The fintech also believed that less than 12 per cent of millennials save regularly and often face credit card overdraft charges.

Its 'Smart spend' and 'Smart save' tools help users to monitor their spending, set saving milestones and plan their budget roadmap. They can also get fiscal advice on the Jify app using its money management tools and tips to become more financially secure.