SUMMARY
- Moneyview achieves unicorn status with its acquisition of fintech startup Jify, valuing the company at approximately $1.2 billion.
- Jify’s major investors received 60.2 lakh shares in Moneyview as part of the acquisition deal, worth around $4 million.
- The acquisition will enhance Moneyview’s financial service offerings and expand Jify’s reach to a larger employee base and additional organizations.
Bengaluru-based fintech lending platform Moneyview has achieved unicorn status following its acquisition of fintech startup Jify. The acquisition, executed through a share swap arrangement, resulted in Jify’s two major investors, Accel India and Nexus Venture Partners, receiving 60.2 lakh shares in Moneyview valued at approximately $4 million. The details of the deal were revealed through filings with the Registrar of Companies (RoC) accessed via Tofler.
As a result of the acquisition, Moneyview’s valuation surged to around Rs 10,000 crore or $1.2 billion, marking its entry into the unicorn club. It is important to note that no new funds were injected into Moneyview through this transaction. The acquisition also includes the integration of Jify employees into Moneyview’s workforce.
Previously, Moneyview had raised $75 million in December 2022 at a post-money valuation of $900 million, with significant investments from Tiger Global and Apis Partners. The latest acquisition is expected to enhance Jify’s service scope and expand its reach to a broader employee base and additional organizations.
Jify specializes in providing salary advances to employees, allowing them to access funds equivalent to the days they have already worked. The startup serves over 250 large corporations and millions of employees. Following the acquisition, Jify will now benefit from Moneyview’s comprehensive suite of financial services, including personal credit, UPI, insurance, savings, home loans, and loans against property.
Moneyview’s entry into the unicorn club follows InCred, another digital lending company that achieved a billion-dollar valuation in December 2023. The unicorn status news was first reported by Entrackr.
