In an Interaction with Ms. Anisha Dossa, Co-Founder, Jify ensuring access to earned funds prior to payday to reduce Indians’ borrowing habits
Jify is an emerging fintech solution provider that exists to empower the financial wellness of the workforce. Out of the total 550 million workforces in India, about 450 million belong in the grey and blue-collar segment. Approximately 70% of this segment lives from one paycheck to the next and does not have any access to formal credit systems. Any unforeseen expense makes them vulnerable to high-cost predatory credit. This drives them towards financial stress: impacts their overall well-being. As the first step towards ensuring their financial wellness, Jify solves the short-term liquidity crisis faced by India's employed workforce giving them access to their earned salary. The fintech solution provider partners with corporates to offer their employees on-demand salary access at zero cost in real-time. This serves as the perfect alternative to high-cost predatory credit instruments, which initiates their journey towards financial wellness. This also enables the Indian workforce to save 30% of their annual income which amounts to nearly $50 bn. Ms. Anisha Dossa,Co-founder, Jify share more insights on the same.
- Please give us a quick rundown of the company, its area of specialisation, it offers.
Jify is an emerging fintech solution provider that exists to empower the financial wellness of
the workforce by giving access to earned wages by partnering with corporates to offer their employees on-demand salary access at zero cost in real-time. This serves as the perfect alternative to high-cost predatory credit instruments, which initiates their journey towards financial wellness.
Apart from addressing the liquidity mismatch faced by the workforce through earned wage access, we have engineered the platform in a way to encourage our users to track their spending, set practical saving goals, facilitate smart budgeting, and access simplified financial advice on the Jify app, accompanied by its digital card.
Jify congregates the expertise and experience of three co-founders, Anisha Dossa Aibara – CEO, Aditya Mehta – CTO, and Anusha Ramakrishnan – COO. By bringing together their unique disposition and knowledge, the three co-founders aspire to make Jify a household name, meant to improve the masses’ financial wellness.
- The emergence of fintech businesses is altering how Indians handle their finances. Explain
India is transitioning to become a digital first country. The adoption of UPI has been faster in India than any other country. We’re living through a tech revolution and the finance seector has been on the forefront of this change. With rapid adoption, a younger population and opennes to go digital, fintech players are bringing about a revolution in the spending and savings habits of consumers across the spectrum.
While UPIs have made spending available at the access of a click, earned wage access apps like Jify are all set to change the ballgame by helping Indians spend wisely and save effectively. Fintech, today provides a leverage like no other. Business and consumers both need to embrace this growth phase, make use of these solutions and in turn help the economy witness growth like never before. We have seen great acceptance for a solution like Jify and are certain that this a start of a great journey of India becoming one of the global powerhouses.
- What are some of the sector’s present problems?
Out of the total 550 million workforces in India, about 450 million belong in the grey and blue-collar segment. Approximately 70% of this segment lives from one paycheck to the next and does not have any access to formal credit systems. Any unforeseen expense makes them vulnerable to high-cost predatory credit. This drives them towards financial stress & impacts their overall well-being. As the first step towards ensuring their financial wellness, we at Jify solve the short-term liquidity crisis faced by India’s employed workforce by giving them access to their earned salary.
- What plans do you have for the market going forward? What plans do you have to grow in the upcoming year?
Today Jify is helping close to 1mn users to improve their overall financial wellbeing and we have seen a 100X growth since inception. By the end of the year, we are expected to touch about 50-100 Cr in terms of disbursal. Throught the new funding, we want to focus on expansion, ramping up our teams, partnering with new corporates and crossing a revenue mark of almostRs. 10Cr+
We, at Jify, are on a mission to make ‘every borrower a saver’ by making Jify their personal finance app of choice. Our fintech platform with the On-demand salary access, Smart Spend & Save offerings is driving financial inclusion among the underserved Indian workforce
- How well-funded are you? How do you plan to utilise the current funding?
We recently raised $10M in Series A from Accel, Nexus Venture Partners. The capital raised through this round of funding will be used to strengthen its fintech product offering, ramp up customer acquisition across sectors and cities, while also driving adoption among the workforce. This round of funding will provide us with the capabilities to scale within the Indian market and build our teams nationally, offer the best in technology, and create an innovative product experience for both employers and employees. Additionally, this funding will also help us to enhance our client acquisition capabilities
- What services does Jify offer? And what does Earned Wage Access mean for an employee?
A vast majority of the Indian workforce lives from one pay check to the next and does not have any access to formal credit systems. Any unforeseen expense makes them vulnerable to high-cost predatory credit. At Jify, we work towards empowering the financial wellness of the Indian Workforce. We solve the short-term liquidity crisis faced by India’s employed workforce by giving them access to their earned salary (in other words earned wage access).
We partner with corporates to offer their employees on-demand salary access at Zero Cost in real-time. This serves as the perfect alternative to high-cost predatory credit instruments which helps the Indian workforce save 30% of their annual income. For the employed workforce, apart from our flagship product of Zero-cost on-demand salary access, we have the ‘Smart Spend’ offering of the Jify digital card on the app where they get cashbacks and rewards along with other benefits like budgeting & spend tracking.
- Highlight the use of tech in Jify and its functions
Jify is a tech-first, B2B2C Earned Wage Access (EWA) provider. We believe in leveraging our technological prowess to allow India’s workforce access to their own, hard-earned salary as it accrues in real time, free of cost.
We integrate with Corporates’ Payroll Software, after which we allow their Employees to access their salary via our App – available both on Android and iOS.
We prioritise a simplified user experience. After a simple four-step KYC, our Users can track their salary, withdraw it in part or full and convert it to EMI, and access smart savings and investment tools – with no strings attached.
Finally, Jify’s systems reconcile with those of our Corporate Partners through our fintech platform – ensuring that the Repayment comes from the Corporate directly, with no undue pressure on the User. Our fintech platform helps save company resources by automating the entire salary advance reconciliation process by saving manhours and avoiding manual entries, multiple sources of inputs & manual errors.
