JFS Launches JioFinance In Beta; To Build Super App For Fintech

SUMMARY

The JioFinance app’s key features include instant digital account opening and streamlined bank management with the ‘Jio payments bank account’

Jio Financial Services also plans to include expanding loan solutions, starting with loans on mutual funds and progressing to home loans, in the app in future

The company said that the app is designed for friction-less navigation and will cater to all kinds of users with easy access to financial technology

Jio Financial Services has launched ‘JioFinance’ app in beta mode, integrating digital banking, UPI transactions, bill settlements, and insurance advisory to offer a consolidated view of accounts and savings in a single interface.

In a statement, the company said that the app is designed for friction-less navigation and will cater to all kinds of users with easy access to financial technology, ensuring effortless money management.

The JioFinance app’s key features include instant digital account opening and streamlined bank management with the ‘Jio payments bank account’.

Commenting on the development, a company spokesperson, said, “Our end goal is to simplify everything related to finance in a single platform for any user across all demographics, with a comprehensive suite of offerings like lending, investment, insurance, payments and transactions and make financial services more transparent, affordable and intuitive.”

As a company providing a range of financial services, including lending and leasing, payments, investments, and insurance, Jio Financial Services also plans to include expanding loan solutions, starting with loans on mutual funds and progressing to home loans, in the app in future.

We must note that in an attempt to expand its business, Jio Financial Services’ arm Jio Leasing Services Ltd is now entering the device-as-a-service (DaaS) market to lease telecom devices and offer associated services to Reliance Jio Infocomm customers. It is set to buy customer premises equipment, devices and telecom equipment worth $4.32 Bn from Reliance Retail over the next two fiscal years.

Meanwhile, Jio Financial Services is also looking to raise the limit of foreign investment in its equity capital up to 49%, for which it has sought shareholders’ nod.

Jio Financial Services posted an almost a 6% year-on-year (YoY) rise in its consolidated net profit to INR 311 Cr in Q4 FY24 while operating revenue saw a marginal increase to INR 418 Cr in the quarter from INR 414 Cr in Q3 FY24.