Bank of America has agreed to invest as much as $1.9bn for a stake of up to 49.9% in Jio Credit, the fast‑growing lending arm of Mukesh Ambani's Jio Financial Services. The deal is structured as a joint venture and will be executed through a preferential allotment of equity shares and warrants.

Bank of America takes an initial 26.5% equity interest, rising to 49.9% if it exercises the warrants in full, a staged approach that lets it scale its commitment over time. The transaction is subject to regulatory and statutory approvals.

Jio Credit is among the fastest‑growing non‑bank lenders in India, having built assets under management of about $3.2bn in the two years since it launched. The investment will fuel further expansion of its credit portfolio across the country.

The partnership underscores the growing interest of global banks in India’s fintech ecosystem and highlights Jio Credit’s potential to capture market share in the competitive lending space.