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A consumer neo-banking platform, Niyo has raised $100 million in its Series C round of funding from Accel and Lightrock India along with the participation of Beams Fintech Fund, Prime Venture Partners, and JS Capital among others.
Niyo offers digital savings accounts and other banking services in partnership with banks. The company currently serves about four million customers across its banking and wealth management products with over 10,000 new users added daily to its platform. In addition, Niyo is processing over $3 billion of transactions.
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 both organic and inorganic expansion over time.
New products
Niyo has launched digital salary account 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. Avendus Capital was the exclusive financial advisor to Niyo on the transaction.
Niyo Co-founder and CEO Vinay Bagri said, “We have always strived 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.”
Anand Daniel, partner at Accel, said, “We are excited to back the fastest growing neo-bank in India, Niyo. Vinay, Viren and team have built a fantastic product with a clear value prop for customers which is reflected in their phenomenal growth. We look forward to partnering with Niyo in changing the way India banks.”
Niyo Co-founder and CTO Virender Bisht said, “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” is democratizing the superior digital banking experience for users, and has witnessed tremendous user adoption. With this raise, we aim to expand the product suite for our customers and meet their growing expectations.”
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