Indian consumer neobank Niyo has raised $100 million in a Series C round on February 24, 2022, led by Accel and Lightrock India, with participation from Beams Fintech Fund. Existing investors Prime Venture Partners and JS Capital also participated in this round and others.
The company will utilize the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. Niyo is also looking to provide comprehensive financial services to over 30 million users through organic and inorganic expansion in the next few months.
“Niyo 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,” the company said.
Our quest and passion to transform the banking landscape in India has helped us raise a new round of funding! 🎉
Humbled to raise Series C and thrilled to welcome @Accel, @Lightrock_India and @Beamsvc to the Niyo family!
Onwards and upwards! 🚀@Vinaybagree @vsbisht pic.twitter.com/Dcrk71Dwky— Niyo Solutions Inc. (@theniyo) February 24, 2022
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers digital savings accounts and other banking services in partnership with banks.
The start-up 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 claims that it is processing over $3 billion transactions annually.
“We are seeing massive tailwinds for digital financial products since Covid. Launched less than a year ago, our first-of-a-kind product offering ‘NiyoX’ democratizes users’ superior digital banking experience and has witnessed tremendous user adoption. With this raise, we aim to expand the product suite for our customers and meet their growing expectations,” Niyo co-founder and CTO Virender Bisht said.
It's been a big day for all of us at Niyo!
From CEO's desk – A heartfelt thank you to all our customers! @Vinaybagree https://t.co/j0evPTtibG
— Niyo Solutions Inc. (@theniyo) February 24, 2022
Earlier this month, Niyo launched India’s first fully-digital salary account and is working on rolling out personal loans, credit cards, and other banking products over the next three months. In 2020, Niyo joined forces with the National Payments Corp. of India (NPCI) to introduce financial services to more than five million blue-collar workers in India by 2022.
