BofA Tie-Up Will Provide Growth Capital, Technology And Risk Management Expertise: Jio Financial Services

Mumbai, August 26, 2026: Jio Financial Services, in a third annual general meeting, announced a tie-up with Bank of America that will provide access to advanced technology, risk management practices and governance. The deal, worth Rs 18,268 crore, will also give Jio Credit access to growth capital. According to Hitesh Sethia, Jio Financial Services' Managing Director, the partnership will enable Jio Credit to leverage BofA's global banking expertise, including advanced risk management practices and cutting-edge technology.

As of June, Jio Credit had crossed Rs 30,000 crore in assets under management, with the majority comprising secured loans to individuals and private companies. Sethia assured that despite the joint venture's growth phase, JFS will not resort to aggressive cash burn for brand-building and customer acquisition. In fact, the company is profitable while investing for growth and nurturing various businesses at different maturity stages.

In FY26, JFS infused a total of Rs 2,900 crore in equity across its operating subsidiaries and joint ventures. The partnership aims to deliver scale, strict risk discipline, and technology-led operating leverage, resulting in optimal results for the company. Jio Payments Bank also achieved an operational turnaround in Q1FY27, validating the strategy of scaling transaction throughput while building sustainable unit economics.

In the asset management sector, JFS has onboarded over 11,000 mutual fund distributors and more than 800 dedicated for SIF offerings. Discussions with Allianz are ongoing for life insurance and general insurance business. The neural agentic marketplace, launched recently, processes about 34,000 daily purchases across JFS's own and third-party products.