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Founders of former Buy Now Pay Later (BNPL) fintech ZestMoney, Lizzie Chapman and Ashish Anantharaman, have set up SwiffyLabs as a subsidiary of Jio Platforms Limited, according to reports.

SwiffyLabs is reportedly building business-to-business infrastructure, including API for banks and financial institutions. According to a report in Business Standard, the startup will help financial institutions launch new-age products, including embedded finance and invoice financing, leveraging advancements in Artificial Intelligence (AI) and digital public infrastructure (DPI). 

The company is said to be hiring for multiple roles across functions. 

Queries sent to Jio remained unanswered at the time of publishing the story.

Both Chapman and Anantharaman had left ZestMoney in July 2023. The BNPL startup officially downed its shutters in December 2023 after a failed acquisition bid by Walmart-backed PhonePe. In August 2023, ZestMoney had raised fresh capital from returning investors Quona Capital, Omidyar Network India, Flourish Ventures, Zip, and Scarlet Capital to revive business and continue operations. 

Reliance-backed Jio Platforms houses the conglomerate’s digital businesses. This includes verticals such as telecom, retail, ecommerce, manufacturing, media and financial services. Jio Platforms had raised nearly $20 billion from global investors including the likes of Facebook, Google, KKR, Silverlake and others.

The article was updated to reflect accurate subsidiary structure.