Newly Turned Unicorn Moneyview Buys Jify To Expand Its Lending Play

SUMMARY

As part of the deal, Jify’s existing backers Accel and Nexus Venture Partners were allotted shares of Moneyview

This comes on the back of Moneyview entering the coveted unicorn club after raking in INR 38.6 Cr (about $4.6 Mn) in an equity funding round from Accel India and Nexus Ventures

The buyout will help Moneyview strengthen its financial offerings and scale up user base, while also facilitating Jify to expand its offerings to more customers and enterprises

Lending tech unicorn Moneyview has bought Mumbai-based fintech platform Jify in a share swap deal to expand its offerings. However, the company did not disclose the financial terms of the deal.

As part of the deal, Jify’s existing backers Accel and Nexus Venture Partners were allotted shares of Moneyview.

This comes on the back of Moneyview entering the coveted unicorn club after raking in INR 38.6 Cr (about $4.6 Mn) in an equity funding round from Accel India and Nexus Ventures.

As per Inc42 calculations, the startup was valued at $1.2 Bn in the funding round.

Earlier this month, the startup’s board of directors approved issuance and allotment of 60.23 Lakh equity shares to Accel and Nexus Ventures at INR 64.15 apiece. While Accel invested INR 19.5 Cr in the startup, Nexus invested INR 19.1 Cr, as per its filings with the Ministry of Corporate Affairs.

This comes shortly after the startup’s board passed a special resolution to raise INR 250 Cr (around $29.8 Mn) debt from unidentified investors through private placement of non-convertible debentures.

Moneyview said in a statement that the buyout will help it strengthen its financial offerings and scale up user base, while also facilitating Jify to expand its offerings to more customers and enterprises.

“The acquisition also marks a significant milestone in Moneyview’s ongoing expansion into a diverse range of financial products ranging from credit to savings and investment products catering to every Indian with a smartphone,” the statement added.

Moneyview’s CEO Puneet Agarwal said, “We are eager to use this collaboration as a way to strengthen and grow the strong customer base that Jify caters to and take it to new heights. As we move ahead, we will continue to bring more such solutions that will enable our current and prospective users to manage all their financial needs under one roof.”

“Moneyview, with it’s range of financial solutions spanning credit, personal finance, insurance, and savings products, will enable Jify to serve over 10 million employees within the next two years and establish ourselves as the premier employee financial wellness platform for salaried individuals,” said Jify’s cofounder and CEO Anisha Dossa.

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview offers personal loans, personal finance management solutions, and credit trackers. It competes with the likes of Flexiloans, Fibe, among others.

Prior to this funding, Moneyview raised $75 Mn in its Series E funding round led by Apis Partners at a valuation of $900 Mn in December 2022.

Meanwhile, Jify, founded in 2021 by Dossa, Aditya Mehta and Anusha Ramakrishnan, is an employee financial management platform that claims to offer financial wellness through earned salary access and better money management tools.

In 2022, it raised $10 Mn from Accel and Nexus Venture Partners as part of its Series A funding round.

Following the latest funding round, Moneyview has become the sixth startup to enter the unicorn club this year after Krutrim, Perfios, RateGain, Ather Energy, and Rapido. Earlier this month, Rapido raised $200 Mn in a Series E funding round led by existing investor WestBridge Capital at a valuation of $1.1 Bn.