Jio Credit Secures $1.9B Investment From Bank of America

The deal, signed in August 2026, values Jio Credit at roughly 2.5 times its net worth. Bank of America will initially acquire a 26.5% stake, with the option to increase it to 49.9% through warrants. Jio Financial Services will retain the remaining shares.

The investment is a pure equity infusion, as Bank of America does not operate retail banking outside the U.S. The capital will support Jio Credit's loan growth as it expands its lending products, according to a statement from Jio Financial Services.

Bank of America CEO Brian Moynihan said the investment reflects confidence in India, a market the bank has supported for decades. Mukesh Ambani, founder of Jio Financial Services, said the partnership will combine Jio's digital reach with Bank of America's global expertise to improve credit access for Indians.

The transaction is subject to regulatory approvals. It comes amid a wave of foreign investments in Indian lenders, including MUFG's investment in Shriram Finance, Emirates NBD's purchase of a 60% stake in RBL Bank, and Sumitomo Mitsui Financial Group's investment in Yes Bank.

Jio Financial, listed in 2023 after a demerger from Reliance Industries, operates digital lending, payments, insurance broking, and asset management. It has joint ventures with BlackRock for wealth management and with Allianz for insurance.