Moneyview’s recent entry into the unicorn club along with its acquisition of the employee benefits startup Jify is more than just another valuation milestone in India’s fintech segment. It is being considered as a strategic shift and learned to redefine the operations of financial service platforms in an increasingly competitive market. The current valuation of Moneyview is more than $1 billion.
The acquisition of Jify is a telling move. The Jify model allows employees real-time as well as zero-cost access to their earned wages. It taps into a market of financially vulnerable workers. The move of Moneyview can position it to broaden user base and simultaneously offer a more holistic suite of financial tools. It is now being considered as simply a traditional lending product. It is a strategic alignment with future trends in financial services.
Moneyview has a long standing vision of democratizing credit access in India. Partnering with Jify means it can now offer solutions to address an immediate need and simultaneously deepen its penetration into new markets.
Moreover, the acquisition comes at a time when fintech companies with non-banking financial company (NBFC) licenses are gaining investor favor. Recent funding rounds for FlexiLoans, Sarvagram and more companies highlight potential of the sector. The decision of Moneyview is to expand into employee-focused services through Jify is a clever way to tap into this momentum while setting itself apart from competitors focused solely on lending.
The fintech market is often lumped together as disruptors of traditional banking. The move of Moneyview signals a maturing strategy. The company is not just chasing growth for the sake of growth, but thoughtfully expanding its ecosystem to serve a broader population. The kind of strategic expansion is coupled with their strong growth in revenue and profits.
