Jio Financial Services launches app to take on its fintech rivals
Jio Financial Services (JFSL) has launched a new app named Jio Finance which is poised to compete with other major fintech applications. The app is currently in a beta testing stage and will be fine tuned after user feedback, the company said in a filing to the stock exchanges on Thursday.
Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
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Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitIndian School of BusinessISB Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitThis will put Jio Finance in direct competition to other platforms like Paytm and PhonePe. Earlier on Thursday, PhonePe became one of the first fintech applications to launch secured credit products for its users in partnership with a bunch of NBFCs. It will offer home loans, two-wheeler loans and such.
In its bid to become the full stack finserv player, Jio Finance will also offer savings accounts services and it will leverage Jio payments bank for the same.
Jio Financial Services ended FY24 with total operational revenue of ₹1,853 crore and a net profit of ₹1,604 crore. JFSL is the holding entity of the group and has the lending licence in Jio Financial Services, insurance broking licence in Jio Insurance
