Empowering financial wellness for the workforce: Our Investment in Jify
We’re excited to share our partnership with financial wellness startup, Jify who recently raised$10M in its Series A round from Accel and Nexus Venture Partners.
A large portion of the Indian workforce is comprised of low-income employees. Almost 70% of these employees face financial shortfalls and less than 12% of millennials in particular have any kind of monthly savings. Many of their financial struggles are driven by a lack of proper financial education and guidance, and as a result, employees, especially first-time entrants, struggle with managing their finances.
Co-founders Anisha D. Aibara and Anusha Ramakrishnan set out to fix these issues. With years of experience in the financial service sector and a passion to solve for financial inclusion, they set out to improve financial wellness by ensuring access to liquid cash. With a mission to help employees develop a savings discipline and strengthen their overall financial wellness, the duo co-founded Jify in 2021.
Jify is empowering thousands of employees to control their finances via flexible repayment options. Employees can access simplified micro investment and savings advice on the Jify app. It also offers a smart spend facility that users can access with the Jify on-app prepaid card to avail rewards, cash backs and more benefits like expense tracking and budgeting for financial goals.
Their fintech platform has a massive impact on the workplace. Jify integrates with an employer’s existing payroll, reducing stress and improving the overall workplace productivity.With on-demand access to everyday earnings, and rewards, Jify is swiftly becoming a basis for employees to establish trust in their organization.
Accel + Jify
We had the privilege of getting to know the power-packed duo behind Jify through Accel’s accelerator program, Accel Atoms. The program provided mentorship and encouraged strategic thinking for the team in the early phases of their journey. During the program we got to see their deep understanding of sales and financial services, and we were inspired by their vision to impact the overall Indian economy.
Anisha shared with us that one of the biggest benefits of Accel Atoms, especially as an early stage start-up, was having access to inspiring mentors and outside perspective that helped them to accelerate as soon as they achieved PMF: “Our Atoms experience helped us identify the gaps we should be addressing to build a surrounding ecosystem that can attract talent, get referrals and more. Being a part of the program helped us through the process of organization building as a whole.”
At Accel, we have been watching the embedded fintech space. When we first learned about Jify, it was clear the platform offered a unique win-win for Indian consumers and for employees. Jify has already helped thousands of employees reduce their income leakage rate and improve their monthly savings, with over 90% repeat usage on the app currently.Given the market opportunity and the app’s early acceptance, we were eager to support.
We applaud Jify for the grit that they have put into reaching this milestone and we look forward to supporting the team in the road ahead.