Moneyview acquires Jify to expand financial services

Digital lender Moneyview on Thursday said it acquired early salary or on-demand salary service provider Jify.co after reportedly clinching a $1 billion valuation.

Moneyview’s board has approved a special resolution to raise Rs 38.64 crore through the issuance of 60,23,382 equity shares, each priced at Rs 64.15, Entrackr reported citing filings from the Registrar of Companies. Accel India has invested Rs 29 crore, while Nexus Ventures pumped in Rs 19 crore, the report said.

Moneyview did not disclose the cost of acquiring Jify.co, also backed by Accel and Nexus.

"This strategic acquisition is set to strengthen Moneyview’s comprehensive suite of financial services while enabling Jify to scale its offerings to a wider network of employees and organizations," the company said in a statement.

"The acquisition also marks a significant milestone in Moneyview’s ongoing expansion into a diverse range of financial products ranging from credit to savings and investment products," it added.

Jify allows employees to access a portion of their earned salary before the official payday. The platform also includes features like a Jify Salary and Benefits Card, which provides cashback and rewards for spending, and options for micro-savings, such as investing in digital gold.

Post the acquisition, Jify's founders will join Moneyview. "We are excited to welcome Anisha, Anusha, Aditya and the entire Jify team to the Moneyview family,” Puneet Agarwal, Co-founder and CEO, Moneyview said in a statement.