Bengaluru-based fintech company Moneyview, operated by WhizDM Innovations Pvt Ltd, said Wednesday it has acquired Jify.co, a fintech platform that enables employees to access their earnings on demand for financial independence and security.
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.
Moneyview didn’t disclose financial terms of the transaction.
Moneyview was founded in 2014 by Puneet and Sanjay Aggarwal. The company raised $75 million in its Series E round from the UK-based asset manager Apis Partners at a $900 million valuation. Its existing investors Tiger Global, Evolvence and Winter Capital had also participated in the funding round.
The company’s consolidated revenue in the financial year ended March 2023 stood at Rs 576.7 crore, up from Rs 253.2 crore in the year before. Its net profit grew to Rs 162.5 crore in FY23 from 17.7 crore the previous year, according to VCCEdge, the data intelligence platform of VCCircle.
Separately, multiple media reports said that Moneyview has become a unicorn—a startup with a valuation of at least $1 billion—after raising fresh funding. Citing documents filed by Moneyview with the Registrar of Companies, the reports said the startup raised Rs 38.64 crore from Accel and Nexus. This valued Moneyview around Rs 10,086 crore ($1.2 billion), news website Entrackr reported.
Meanwhile, Moneyview said in a statement the acquisition will strengthen its suite of financial services while enabling Jify to scale its offerings to a wider network of employees and organizations. The acquisition also enables Moneyview’s ongoing expansion into a range of financial products ranging from credit to savings and investment products.
Jify provides people with access to their salary to reduce their dependence on high-cost credit options and informal loans, which might lead to financial stress.
The two platforms will serve over 250 blue-chip corporations with millions of employees. It will offer products like personal credit, insurance, savings, home loans and loans against property, amongst others.
“We are eager to use this collaboration to strengthen and grow the strong customer base that Jify caters to and take it to new heights. 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,” said Puneet Agarwal, co-founder and CEO, Moneyview.
