Moneyview Reaches Unicorn Status and Expands Services with Jify Acquisition

Moneyview, a leading consumer lending platform, has achieved unicorn status following a recent funding round that brought in new capital from existing investors. The company raised INR 38.64 crore (approximately USD 4.65 million) by issuing 60,23,382 equity shares at INR 64.15 each. Major contributions came from Accel India, which invested INR 29 crore, and Nexus Ventures, which added INR 19 crore.

This new round of funding boosts Moneyview’s valuation to INR 10,086 crore (USD 1.2 billion), a significant increase from its December 2022 valuation of USD 900 million, when it secured USD 75 million led by Tiger Global. The company is expected to raise additional funds in the near future to further solidify its financial standing.

In addition to achieving unicorn status, Moneyview has expanded its service offerings through the acquisition of Mumbai-based employee benefits startup Jify. Jify provides a zero-cost, real-time salary advance platform, allowing employees to access their earnings on demand. The acquisition was completed via a share swap, with Accel and Nexus Ventures, Jify’s existing investors, receiving shares in Moneyview.

The acquisition aligns with Moneyview’s strategy to enhance its financial services portfolio by integrating employee-focused solutions and expanding its credit, savings, and investment offerings. This move is aimed at reaching underserved segments of the workforce.

Founded in 2014 by Puneet Agarwal and Sanjay Aggarwal, Moneyview has disbursed over INR 12,000 crore in loans and offers a range of financial products, including personal and home loans, credit cards, motor insurance, and loans against property. The company operates through its own NBFC, Whizdm Finance, and partnerships with various financial institutions.

Moneyview joins a growing list of unicorn startups in 2024, alongside companies like Krutrim, Perfios, Porter, Rapido, and Ather.