Jio Financial Services has unveiled its revamped JioFinance app, aiming to provide a broad spectrum of digital-first financial services. Shares of the company were in the red to start the day.

What Happened: The Reliance Group company made the announcement on Friday morning. The JioFinance app, now accessible on Google Play Store, Apple App Store, and MyJio, offers an array of services including loans, savings accounts, UPI payments, and digital insurance.

The app was initially launched in beta version on May 30, 2024, and has been enhanced based on feedback from over six million users. The updated app introduces new features such as Loan on Mutual Funds, Home Loans, and Loan Against Property.

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Moreover, the app provides a digital savings account from Jio Payments Bank Ltd. (JPBL) which can be opened in less than 5 minutes. The account features biometric authentication and a physical debit card. Over 1.5 million customers are presently managing their expenses using their JPBL accounts.

The JioFinance app also offers an aggregate view of users’ holdings across different bank accounts and mutual fund holdings. It also provides 24 insurance plans covering life, health, two-wheeler, and motor insurance.

Jio Financial Services, collaborating with BlackRock, is also focusing on bringing innovative investment solutions to customers. Jio Financial Services received an in-principle approval from the Securities and Exchange Board of India (SEBI) to set up a mutual fund house in the country, in partnership with the American investment management firm.

Price Action: Jio FInancial’s share price was down 0.36% to trade at ₹342.55 as the market opened on Friday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.