NiYO Solutions Inc., a Bangalore, India-based fintech startup for salaried employees, raised $13.2m (85 crore) in Series A funding.
The investment was made by Social Capital, JS Capital LLc (the family office of Jonathan Soros), and Horizons Ventures with participation by existing investor Prime Venture Partners. In total, the company has raised more than $14m in venture capital.
The company intends to use the funds for the continued expansion of its payroll and benefits platform in India and for further product development, team expansion and increasing presence in tier 1 cities.
Founded in 2015 by Vinay Bagri and Virender Bisht, NiYO aims to increase cash flow for all salaried individuals by leveraging technology in areas of payroll & benefits. It features an integrated solution comprising of a Multi-Pocket Card, a Mobile App and a digital account with multiple wallets.
The company provides salary accounts, meal cards, canteen solutions, corporate gift card, reimbursements account, international travel card and corporate credit cards.
Launched in July 2016 as a pilot in Bangalore, NiYO
has already served more than 500 corporates and is being used by over 100,000 salaried employees in these organisations, through its partnerships with YES Bankand DCB Bank.