Moneyview: Fintech lending platform Moneyview acquires fintech startup Jify and achieves unicorn status

Headquartered in Bengaluru financial technology Lending platform Money view has acquired the fintech startup Jify in a share swap deal. Through the deal, Jify’s two largest investors India Acceleration and Nexus Venture Partners picked up 60.2 lakh shares of Moneyview worth around $4 million.

ET accessed the details of the deal through filings made with the Registrar of Companies (RoC) via business intelligence platform Tofler.

Through the deal, Moneyview was valued at around Rs 10,000 crore or $1.2 billion, thus reaching unicorn statusindustry term used to describe companies with a valuation of more than $1 billion.

People familiar with the situation said no new money had been injected into Moneyview through the process. They added that Jify employees will be absorbed into Moneyview in the future.

Moneyview last raised $75 million at a post-money valuation of $900 million in 2022.Major investors such as Tiger Global and Apis Partners had led that round.

In a statement, Moneyview confirmed the acquisition of Jify and said the deal will help Jify expand its service reach and reach a larger base of employees and organizations.

For salaried employees who need funds mid-month, Jify offers them an advance on their salaries, equivalent to the days they have already worked. Jify serves over 250 large corporations with millions of employees. Through the acquisition, Jify will be able to offer financially disadvantaged Indian consumers a suite of products such as personal credit, UPI, insurance, savings, home loans and property-secured loans, the company said in a statement.

Moneyview joins InCred, another digital loans unicorn club company, through this round. InCred reached a valuation of $1 billion in December 2023.

The news of the unicorn’s valuation was first reported by Moneycontrol.