Fintech start-up Niyo raises $100 million in a Series C funding round
The company said that it will utilise the funds for product innovation, marketing and branding, amongst other things.
- Feb 24, 2022,
- Updated Feb 24, 2022 7:39 PM IST
Consumer neo-banking platform Niyo has raised $100 million in a Series C funding round led by Accel, Lightrock India with the participation from Beams Fintech Fund. Existing investors Prime Venture Partners and JS Capital are also participating in this round along with others.
The company said that it will utilise the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. It is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time making banking a delightful and secure experience.
Niyo offers digital savings accounts and other banking services in partnership with banks. The fintech firm currently serves about 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform. Niyo is processing over $3 billion of transactions making it the largest consumer neo-banking platform in India.
The company launched India’s first fully digital salary account earlier this month and is in the process of launching personal loans, credit cards, integrated forex and other banking products in the next three months. The company was founded in 2015 by Vinay Bagri and Virender Bisht who are veterans in the banking and technology industries.
“We have always striven to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. We are excited to partner with Accel, Lightrock & Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being,” Niyo's co-founder and CEO Vinay Bagri said.
Consumer neo-banking platform Niyo has raised $100 million in a Series C funding round led by Accel, Lightrock India with the participation from Beams Fintech Fund. Existing investors Prime Venture Partners and JS Capital are also participating in this round along with others.
The company said that it will utilise the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. It is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time making banking a delightful and secure experience.
Niyo offers digital savings accounts and other banking services in partnership with banks. The fintech firm currently serves about 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform. Niyo is processing over $3 billion of transactions making it the largest consumer neo-banking platform in India.
The company launched India’s first fully digital salary account earlier this month and is in the process of launching personal loans, credit cards, integrated forex and other banking products in the next three months. The company was founded in 2015 by Vinay Bagri and Virender Bisht who are veterans in the banking and technology industries.
“We have always striven to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. We are excited to partner with Accel, Lightrock & Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being,” Niyo's co-founder and CEO Vinay Bagri said.