New Delhi: Mukesh Ambani’s financial services company is growing at a fast pace, and is attracting some of the world’s most prominent financial figures with its Jio Financial Services (JFS). The latest arrangement is a tie-up between BofA and JFS, where BofA will invest up to $1.9 billion (or ₹18,268 crore) in the company’s product, Jio Credit Limited, which is BofA’s lending product from JFS.
As per the agreement announced on August 12, Bank of America will hold a maximum of 49.9% stake in Jio Credit. The agreement will enable BofA to become a joint venture partner and enable Jio Credit to get expert knowledge on risk management, technology and financial services etc. globally.
It’s not Jio Financial’s first big international partnership. The firm in 2023 took a stake in BlackRock, with the intention of establishing an asset management firm in India. JFS and BlackRock have plans in place for both broking and wealth management. The asset management business has been keeping on expanding with the total asset under management growing to ₹18,412 crore by June 2026.
JFS also joined hands with German insurance major Allianz. In 2025, the two companies entered a 50-50 reinsurance joint venture and in 2026 they signed a 50-50 reinsurance and general and health insurance joint venture. These tie-ups have aided Jio Financial to establish a foothold in asset management, insurance and lending.
Now, much of the attention is being paid to loan activity. Jio Credit has also expanded rapidly and had an asset under management (AUM) of ₹30,667 crore as of June 30, 2026. The gross AUM grew 163% and loan disbursements rose 173% in the April-June quarter. This is more than a doubling of profit after tax margin compared to the same period last year, when it was ₹45 crore.
The Bank of America equation could possibly help Jio Credit to raise additional capital for its loan operations. It might also foster the company’s product improvement, technology and risk management. BofA sees the deal as being more robust in India’s expanding credit market.
Analysts from Motilal Oswal Financial Services are optimistic of the deal and have predicted Jio Credit will have a healthy business going in the years ahead. The recent tie-up reflects how Ambani is creating Jio Financial Services by leveraging on the financial companies’ global experience and Jio’s vast digital and customer base.
