Niyo Raises US$100M in Series C Funding

Niyo

Niyo, a Mumbai, India-based consumer neo-banking platform, raised $100m in Series C funding.

The round was led by Accel and Lightrock India with participation from Beams Fintech Fund as well as existing investors Prime Venture Partners, and JS Capital.

Founded in 2015 by Vinay Bagri and Virender Bisht who are veterans in the banking and technology domains, Niyo offers digital savings accounts and other banking services in partnership with banks. The company has sales presence in more than 20 states and union territories in India, currently serving a customer base of 4 million and over 7,000 corporates. Niyo currently has around 500 employees, over 250 of which are dedicated to Tech, Product and Design.

The company intends to use the funds for product innovation, marketing and branding, increasing its distribution presence, and hiring talent across functions. Niyo is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time. The company in the process of launching personal loans, credit cards, integrated forex. and other banking products in the next three months.

FinSMEs

24/02/2022