1 week ago
Jio Financial Services Says Bank of America Tie-Up Supports Growth
Jio Financial Services is working with Bank of America in its lending business.
The deal is worth Rs 18,268 crore.
Bank of America will own slightly less than half of Jio Credit.
Jio says the partnership will bring money for growth, better technology and stronger ways to manage risks.
Jio Credit already had more than Rs 30,000 crore in assets by the end of June.
The company says it is making profits while expanding its businesses.
Jio Payments Bank also reported that its operations improved in the first quarter of FY27.
Jio said its digital marketplace was handling about 34,000 purchases each day.
Jio Financial Services Managing Director Hitesh Sethia said the Bank of America partnership will provide growth capital, technology, governance and risk-management expertise.
The Rs 18,268-crore transaction will give Bank of America slightly less than 50% of Jio Credit, which had more than Rs 30,000 crore in assets under management by June.
Sethia said Jio Financial Services remains profitable while investing in businesses and will avoid aggressive cash spending on branding and customer acquisition.
Jio Payments Bank achieved an operational turnaround in the first quarter of FY27, according to Sethia.
The company said its digital marketplace was processing about 34,000 daily purchases, while its asset-management venture had onboarded over 11,000 mutual fund distributors.
- Who
- Jio Financial Services Managing Director Hitesh Sethia, Jio Financial Services, Bank of America and its joint-venture partners.
- What
- Jio Financial Services outlined the expected benefits of its Bank of America lending partnership and provided updates on its financial-services businesses.
- Where
- Mumbai.
- When
- The comments were made on August 26, 2026, at Jio Financial Services' third annual general meeting; the company also reported first-quarter FY27 developments.
- Why
- The partnership is intended to provide growth capital, technology, governance expertise and risk-management practices to strengthen Jio Credit's lending operations.
Key facts
- Transaction value
- Rs 18,268 crore
- Bank of America ownership
- Slightly less than 50% of Jio Credit
- Jio Credit assets under management
- More than Rs 30,000 crore by the end of June
- FY26 equity infusion
- Rs 2,900 crore across operating subsidiaries and joint ventures
- Payments bank update
- Jio Payments Bank achieved an operational turnaround in Q1FY27
- Marketplace activity
- About 34,000 daily purchases across Jio Financial Services' own and third-party products
- Asset-management distribution
- More than 11,000 mutual fund distributors onboarded, including over 800 for SIF offerings
Quotes
Hitesh Sethia
Managing Director of Jio Financial Services
“In addition to growth capital, this transaction will enable Jio Credit to leverage BofA's global banking expertise, including best-in-class governance and advanced risk management practices, and cutting-edge technology.”
freepressjournal.in
“Even in an early growth phase we do not need to resort to aggressive cash burn for brand-building and customer acquisition.”
freepressjournal.in
Sources
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