Jio Financial Services launches JioFinance app with loans, savings, and insurance solutions

Jio Financial Services Limited has launched its new and improved JioFinance app on Google Play Store, Apple App Store, and MyJio, over four months after the launch of the beta version.

The beta version was released on May 30 this year. Over 6 million users have used the app and offered feedback., leading to improvements in user experience and additional features, said the company, in a statement.

The app now includes services such as loan on mutual funds, home loans (including balance transfers), and loan against property.

In addition to loans and savings accounts, the app features integrated UPI payments, mobile recharges, and credit card bill payment. It also offers users a consolidated view of the user's bank accounts and mutual fund holdings.

In addition, the app provides 24 insurance plans across life, health, and vehicle categories.

On the savings front, Jio Payments Bank Ltd provides digital savings accounts that can be opened within five minutes, offering biometric authentication and a physical debit card. Jio claims that over 1.5 million users already manage their routine recurring expenses through these accounts.

“At JFSL (Jio Financial Services Limited), our mission is to democratise access to seamless and convenient financial services by leveraging technology," said Hitesh Sethia, Managing Director and CEO, JFSL.

"With the refreshed JioFinance app, which is truly Made in India, and with many more new new features coming soon, we are well on our way towards becoming a trusted financial companion for the people of India, helping them fulfill their aspirations with our comprehensive suite of financial products,” he added.

JFSL is a core investment company registered with the Reserve Bank of India and operates through multiple consumer-facing financial entities. The company has been listed on the BSE and NSE since August 21, 2023.

The company formed a joint venture with investment giant BlackRock last month to provide investment advisory services.