Niyo, a financial technology platform, has raised $100 million in a Series C funding round with an aim to transform banking in India. Avendus Capital advised Niyo for the mentioned transaction.
Accel & Lightrock India led the funding round. Beams Fintech Fund along with the company’s existing investors Prime Venture Partners and JS Capital also joined the round. In partnership with several financial services providers, Niyo offers technology-driven digital banking services.
Niyo aims to utilize the funds to develop its products and enhance its services. Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo has seen rapid growth in India during the last two years after the outbreak of the pandemic.
“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 and 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,” Niyo’s Co-Founder and CEO, Vinay Bagri, commented.
Digital Banking
The adoption of neo-banking has increased significantly in the last few years. Prominent players in the neo-banking ecosystem have introduced innovative services to gained traction. In the case of Niyo, the company mentioned that it has launched the first digital salary account in India recently.
“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,” Niyo’s Co-founder and CTO, Virender Bisht, said.
In October 2021, the neo-banking platform Open secured $100 million in funding to expand its operations.
