Jify Enables Early Access to Earned Wages, Reducing Dependence on Borrowing
Mumbai-based fintech startup Jify, founded by Anisha Dossa, Anusha Ramakrishnan and Aditya Mehta, is working to improve financial wellness in India by enabling employees to access their earned wages before payday. Built on the belief that access to earned income is a fundamental right, Jify has already reached around 50,000 employees within its first year of operations.
At a time when most fintech innovations focus on payments and transactions, Jify addresses a deeper issue, lack of liquidity between pay cycles. A large percentage of Indian employees face financial shortfalls before payday, often turning to high-interest loans or informal borrowing, which leads to financial stress and reduced workplace productivity.
Jify’s earned wage access (EWA) model allows employees to withdraw a portion of their already-earned salary through a simple app interface. Operating on a B2B2C model, the platform integrates with employers, ensuring a seamless and structured experience without creating debt or charging interest.
The platform offers three core services:
- Access to earned wages before payday
- Spend, including a prepaid card for transactions and withdrawals
- Build, an upcoming feature focused on financial education, savings, and wealth creation
With a simplified onboarding and KYC process, Jify ensures quick access while maintaining compliance and transparency. The company partners with financial institutions for fund disbursement, while employers settle the amount during regular payroll cycles making the model zero-risk and cost-free for companies.
The growing adoption of on demand salary reflects a broader shift, with organisations increasingly recognising financial wellness as a key component of employee wellbeing. Jify aims to play a long-term role in this space by not only improving access to earned income but also encouraging better financial habits and reducing reliance on credit.
Read more at: https://yourstory.com/herstory/2021/12/fintech-startup-earned-wage-access-women-entrepreneur
