Digital lender Moneyview announced on Thursday its acquisition of on-demand salary service provider Jify.co, following its reported attainment of a $1 billion valuation
According to Entrackr, Moneyview’s board has passed a resolution to raise Rs 38.64 crore by issuing 60,23,382 equity shares at Rs 64.15 each. Of this, Accel India contributed Rs 29 crore, while Nexus Ventures invested Rs 19 crore, based on filings from the Registrar of Companies. However, Moneyview did not disclose the exact amount paid for the acquisition of Jify.co, which is also backed by Accel and Nexus.
In a statement, Moneyview described the acquisition as a strategic move that will enhance its suite of financial services while providing Jify the opportunity to expand its offerings to a broader range of employees and businesses. The acquisition aligns with Moneyview’s broader goal of diversifying its financial products, which span credit, savings, and investment options.
Jify.co allows employees to access a portion of their earned wages before payday. The platform also includes features like the Jify Salary and Benefits Card, which offers cashback and rewards for spending, along with micro-saving tools such as investing in digital gold.
Post-acquisition, Jify’s founders will join the Moneyview team. Puneet Agarwal, Co-founder and CEO of Moneyview, expressed his excitement, saying, “We are thrilled to welcome Anisha, Anusha, Aditya, and the entire Jify team to the Moneyview family.”
(With inputs from agency)
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