Bank of America picks up 49.9% stake in Jio Credit at $3.8 billion valuation

Bank of America (BofA) has picked up a 49.9% stake in Jio Credit (JCL), the non-banking financial company (NBFC) subsidiary of Jio Financial Services (JFSL), valuing the business at around $3.8 billion as the Mukesh Ambani-led financial services company deepens its partnerships with global financial majors.

Jio Credit has built a ₹30,667 crore loan book in less than two years of operations, as of June 2026. The transaction values the NBFC at around $3.8 billion, or about 2.5 times its net worth, making the valuation notable for a business that effectively commenced operations only around two years ago.

The partnership gives BofA a major presence in JFSL's rapidly expanding lending business while providing JCL with additional capital and access to BofA's global banking expertise.

BofA to bring global risk management, technology

JCL is a digital-native NBFC offering secured credit products to individuals and enterprises. Its portfolio includes retail mortgages, loans against securities, commercial finance and supply-chain finance.

The partnership is expected to bring BofA's governance framework, risk-management practices and technology capabilities to JCL, while Jio Credit leverages the global bank's financial-sector expertise.

According to the note, the tie-up will also provide JCL with “additional capital” and support an “extended rapid growth path” for the NBFC.

The transaction marks the third major global financial partnership for JFSL, following its joint venture with BlackRock in mutual funds and its partnership with Allianz in insurance. The company said these partnerships bring “multi-decadal financial sector understanding” and “world-class systems and processes” to its financial-services businesses.

JFSL builds ‘Borrow, Invest, Transact and Protect’ ecosystem

The BofA partnership comes as JFSL builds an integrated financial-services platform spanning four key areas — “Borrow, Invest, Transact and Protect.” The company aims to use its digital infrastructure, data, technology and large customer base to expand access to financial products across categories.

Its mutual fund venture with BlackRock, JioBlackRock, already manages more than ₹18,000 crore in assets under management, with around 1.2 million retail investors. The note said 36% of its retail AUM comes from Tier-2 and Tier-3 towns, compared with an industry average of 28%, while 18.5% of its retail investors are investing in mutual funds for the first time.

JioBlackRock Investment Advisers has also launched digital-first wealth management services with personalised investment advisory starting at ₹350 per year. Its broking business is expected to debut in Q2 FY27.

Allianz partnership adds insurance play

JFSL's insurance partnership with Allianz is also gaining traction. Allianz Jio Reinsurance completed its first quarter of operations with ₹266 crore in gross written premium. The launch of Jio Allianz General Insurance is awaiting regulatory approvals, while the two companies have also signed a non-binding agreement to explore opportunities in life insurance.

The latest partnership with BofA further strengthens JFSL's positioning as a “partner of choice” for leading global financial services giants seeking exposure to India's growing financial-services market.

The company said its financial-services platform has been built around its brand, knowledge of the Indian market, data, AI and technology stack, and a well-capitalised balance sheet, which it believes provides the foundation for “robust, sustainable and multi-decadal growth.”