NiYO Solutions, a Bengaluru, India-based new-age digital banking startup, raised US$35m in Series B funding.
– Horizons Ventures,
– Tencent, and
– existing investor JS Capital.
The company, which had previously raised US$ 14m in funding rounds led by Prime Venture Partners, intends to use the funds to accelerate the development & rollout of new product offerings, to amplify distribution & marketing and to explore expansion into international markets, particularly in emerging economies which offer similar opportunities for digital disruption through a ‘Neo-bank’ concept.
Founded by banking veteran Vinay Bagri and technology veteran Virender Bisht, NiYO aims to create a technology enabled and value-added product & service offering layer over the existing banking infrastructure, to offer a comprehensive digital banking proposition to its retail and SME customer base.
The company has a large presence in blue collared salaried segment through NiYO Bharat Payroll Solution, which provides banking services now available only to privileged segment. The product is designed to digitally empower India’s massive blue-collar workforce, primarily in unorganized/ semi-unorganized labour intensive sectors and provide them with a platform to manage their savings, payments, investments and financial protection (insurance).
NiYO Bharat Mobile App is currently available in 8 languages.
The company is also advancing a forex solution, NiYO Global Card.