In a significant development in the fintech landscape, Lizzie Chapman and Ashish Anantharaman, former co-founders of Buy Now Pay Later (BNPL) fintech ZestMoney, have embarked on a new journey by establishing SwiffyLabs. The startup, positioned as a subsidiary of Jio Financial Services, is set to play a pivotal role in shaping the future of business-to-business infrastructure.
Background and Transition
Chapman and Anantharaman parted ways with ZestMoney in July 2023, marking the end of an era for the BNPL startup. The decision followed the failure of an acquisition bid by Walmart-backed PhonePe, ultimately leading to the official closure of ZestMoney in December 2023.
Despite the setbacks, ZestMoney garnered renewed support in August 2023 when it secured fresh capital from key investors such as Quona Capital, Omidyar Network India, Flourish Ventures, Zip, and Scarlet Capital. This infusion of funds aimed to revitalize the business and ensure its continuity.
SwiffyLabs’ Strategic Focus
SwiffyLabs, the brainchild of Chapman and Anantharaman, is reported to be focusing on developing business-to-business infrastructure. This includes the creation of APIs tailored for banks and financial institutions. The startup aims to empower financial entities to launch cutting-edge products, with a particular emphasis on embedded finance and invoice financing.
Leveraging Advanced Technologies
SwiffyLabs is poised to leverage the latest advancements in technology, particularly Artificial Intelligence (AI) and digital public infrastructure (DPI). By harnessing the power of AI, the startup aims to bring innovation to the forefront, enabling financial institutions to stay ahead in the rapidly evolving landscape.
Employment Opportunities
As SwiffyLabs charts its course towards fintech innovation, the company is actively seeking talent across various functions. Job openings span a range of roles, indicating the startup’s commitment to assembling a diverse and skilled team.
Jio Financial Services’ Role
SwiffyLabs operates under the umbrella of Jio Financial Services, a subsidiary of the Reliance-backed Jio platform. Jio Financial Services has been making strategic moves in the financial sector, recently entering into a partnership with BlackRock to establish an Asset Management Company.
Diversification Plans
Jio Financial Services aims to diversify its portfolio by venturing into sectors such as microfinance, consumer finance, and digital payments. The collaboration with BlackRock signifies a strategic alignment to tap into the growing opportunities within the asset management domain.
Unanswered Queries and Future Prospects
Despite attempts to seek clarification, queries directed to Jio Financial Services regarding SwiffyLabs remained unanswered at the time of publishing this report. The silence adds an air of mystery to the venture, leaving room for speculation about the intricacies of the collaboration and the startup’s future trajectory.
Conclusion
SwiffyLabs emerges as a promising player in the fintech arena, driven by the vision of seasoned industry leaders Lizzie Chapman and Ashish Anantharaman. As the startup positions itself at the forefront of business-to-business infrastructure development, the industry eagerly awaits further details on SwiffyLabs’ initiatives, partnerships, and the transformative impact it is poised to make on the financial services landscape.
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