Jify’s earned wage access solution helping employees break the 30-day pay cycle

Fintech has been booming in India in recent years, and Jify is one of the companies at the forefront of this revolution. Jify is a fintech company that provides earned wage access (EWA) to employees. This means that employees can access their earned wages on-demand, rather than having to wait for their next paycheck. In an interview with Bizz Buzz, Anisha Dossa, Co-Founder of Jify, discusses the rise of fintech and the future of financial wellness. She talks about how Jify is helping to empower employees by giving them access to their earned wages, and how this is helping them to build financial resilience. She also discusses the challenges that the fintech industry faces, and how Jify is working to overcome them

Please provide us a brief overview of the business, its area of expertise, and the services it provides.

Jify is an emerging fintech with a mission to empower the financial wellness of the workforce by giving employees access to their earned wages on-demand. Jify partners with corporations to offer their employees zero-cost, real-time access to their salaries, which serves as the perfect alternative to high-cost predatory credit instruments. This helps employees build financial resilience and initiate 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.

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, working to make every borrower into a net server.

What goals and objectives formed the basis of the business? Briefly describe your experiences since the company's founding.

The Indian workforce ends up seeing an erosion of 30 per cent of their income annually which adds up to $50 billion. Increasingly, younger generations and the employed workforce are also seeing income erosion due to high-cost credit and lack of savings discipline fuelled by consumerism and rising needs. Only less than 12 per cent of millennials save their income and a majority face credit overdraft charges. This pushes them into a debt trap that is hard to escape. Observing this liquidity crunch/ crisis, we took on the mission to make every borrower a saver.

Addressing the need for inexpensive and easy access to short-term liquidity, Jify has been at the forefront of introducing the concept of ‘financial wellness’ to corporates.

How is the rise of fintech companies changing Indians' financial management practices?

Fintech companies have transformed the way Indians manage their finances. With the introduction of innovative digital platforms, people can now easily access and control their finances like never before. The rise of digital payment methods such as mobile wallets, UPI, and contactless payments has made transactions more accessible, convenient, and secure. Moreover, fintechs have introduced personal finance management tools that help users track their expenses, set financial goals, and make informed investment decisions. This has enabled individuals to become more financially literate and proactive in managing their money. Fintech boom in India has made it possible for people to have a holistic view of their finances and make informed decisions at the click of a button. With the convenience and efficiency that fintech brings, it's no wonder why it has become a game-changer in the world of finance.

What are some of the current issues facing the industry?

The industry is currently grappling with several challenges, including cybersecurity threats, regulatory compliance, talent management, customer expectations, and economic uncertainty. These issues require a proactive and innovative approach to ensure that businesses can remain competitive and provide their customers with high-quality services. To address these challenges, companies need to invest in the latest technologies, attract and retain skilled professionals, adapt to changing customer expectations, and stay up-to-date with regulatory requirements. By adopting a forward-thinking and agile approach, businesses can navigate these challenges and position themselves for success in the future.

How financially secure are you, and what are your future ambitions for the market? How do you intend to develop in the coming year?

We recently raised $10 million in Series A from Accel, Nexus Venture Partners. The capital raised through this round of funding will be used to strengthen the fintech product offering and 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 teams nationally, offer the best in technology, and create an innovative product experience for both employers and employees. Additionally, this funding will also be used to enhance our client acquisition capabilities. Witnessing a 100-fold growth since inception from clients, today we are helping close to 1 million users to improve their overall financial wellbeing while focussing on expansion, ramping up our teams and partnering with new corporates.

What products and services does Jify provide? Describe what ‘earned wage access’ means.

Addressing the need for cheap and easy access to short-term liquidity, Jify has been at the forefront of introducing the concept of financial wellness to corporates. The first step towards financial wellness includes early wage access (EWA), a tech-enabled fintech product that provides even those without a credit history with instant access to their earned wages. Aimed at promoting financial wellness, EWA offers employees access to those wages that have been earned but not yet paid as per the salary credit cycle. EWA breaks the 30-day pay cycle so that employees need not borrow at predatory costs for small and immediate requirements as low as Rs 100. There is no interest but instead a flat processing fee which is again agnostic of users’ credit history.