ET accessed the details of the deal through filings made with the Registrar of Companies (RoC) via the business intelligence platform Tofler.
Through the deal, Moneyview was valued at around Rs 10,000 crore or $1.2 billion, thereby attaining unicorn status, an industry term used to describe companies above a billion dollars in valuation.
People in the know said that no fresh money had been pumped into Moneyview through the process. They added that Jify employees will be absorbed into Moneyview going forward.
Moneyview had last raised $75 million at a post-money valuation of $900 million in 2022. Large investors like Tiger Global and Apis Partners had led that round.
In a statement Moneyview confirmed the Jify acquisition and said the deal will help Jify expand its scope of services and reach a larger base of employees and organisations.
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For salaried employees who need funds in the middle of the month, Jify offers them an advance on their salaries, equivalent to the days they have already worked.Jify services over 250 large corporations with millions of employees. Through the acquisition, Jify will be able to offer financially underserved Indian consumers a suite of products like personal credit, UPI, insurance, savings, home loans and loans against property, the company said in a release.
Moneyview joins InCred, another digital lending company in the unicorn club, through this round. InCred attained a billion-dollar valuation in December 2023.
The unicorn valuation news was first reported by Moneycontrol.