Jio Credit secures $1.9B Bank of America joint venture
What's the deal? Bank of America (BofA)Dealroom has a profile for this one. Try Dealroom → will invest up to ₹18,268 crore (~$1.9 billion) for a stake of up to 49.9% in Jio Credit Limited (JCL)Dealroom has a profile for this one. Try Dealroom →, the non-bank lending subsidiary of India's Jio Financial Services Limited (JFSL)Dealroom has a profile for this one. Try Dealroom →. The two signed a definitive joint venture agreement, announced August 12, 2026.
What are the terms? The investment comes through a preferential allotment of equity shares and warrants. It initially gives BofA a 26.5% equity interest, rising to 49.9% once the warrants are exercised. The deal awaits regulatory and statutory approvals.
What does JCL do? The digital-first lender is among India's fastest-growing NBFCs, building assets under management of ₹30,667 crore (~$3.2 billion) within two years of operations, as of June 30, 2026. It offers a range of lending products aimed at widening access to credit across India.
What changes? JCL's board will have equal representation from JFSL and BofA, while the existing management team continues to run strategy and operations. JCL stays consolidated as a subsidiary in JFSL's financial reporting.
What's the rationale? The venture pairs JFSL's digital reach and local knowledge with BofA's global financial services expertise, governance, risk management, and technology. For BofA, it deepens its foothold in the world's fastest-growing major economy.
What are they saying? "India is one of the world's most important growth markets, and this investment reflects our confidence in its future," said Brian Moynihan, chair and chief executive officer of BofA. JFSL's Mukesh D. Ambani called the partnership "a pivotal milestone" in democratising responsible credit.
The signal: As India's financial sector expands with the broader economy, global banks are seeking scaled local partners rather than building alone. BofA's bet on a two-year-old lender underlines how quickly digital-first credit players have reshaped the market.
Read more: PR Newswire
Image credit: Generated with Gemini
