Jio Financial Services Expands JioFinance App With New Offerings

Over four months after the launch of its JioFinance app in beta mode, Jio Financial services has added multiple new offerings and launched an upgraded version of the app. 

In a statement, the company said that it has added a wide array of financial products such as loan on mutual funds, home loans (including balance transfers), and loan against property since the launch of the beta mode. 

The company claimed that over 6 Mn users have “experienced” the JioFinance app so far and it incorporated the feedback received from these users to improve the app.

“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,” said Hitesh Sethia, managing director and CEO, of Jio Financial Services. 

The app is available on Google Play Store, Apple App Store, and MyJio. In its beta launch, the app integrated digital banking, UPI transactions, bill payments, and insurance advisory.

The company claimed that users can open a digital savings account with Jio Payments Bank Ltd (JPBL) in under 5 minutes via the app. It said that over 1.5 Mn customers currently use the app to manage their routine, recurring expenses using their JPBL account.

The JioFinance App also provides users with a consolidated view of their bank accounts and mutual fund holdings. It also offers 24 insurance plans, including life, health, two-wheeler, and motor insurance, the company said.

From digital lending, banking and insurance to broking and asset management, Jio Financial Services aims to disrupt the fintech sector in the country by leveraging technology and Jio’s wide customer base.

In August, Jio Financial Services marked its entry into the international market by expanding the capabilities of its JioFinance App. The app now enables Indian travellers to make payments at select tourist attractions in Paris, including ticket purchases for the Eiffel Tower and in-store shopping at Galeries Lafayette Paris Hausmann.

Earlier this month, Jio Financial Services and BlackRock received in-principle approval from the Securities and Exchange Board of India (SEBI) to establish a mutual fund business. 

The company has also signed joint venture agreements with BlackRock to set up wealth management and brokerage ventures.

On the financial front, Jio Financial Services reported a net profit of INR 313 Cr in Q1 FY25, a 5.7% decline from INR 332 Cr in Q1 FY24. Operating revenue rose slightly to INR 418 Cr from INR 414 Cr in the year-ago quarter.