Niyo, a consumer neo-banking platform, has raised $100 million in a Series C fundraising round headed by Accel and Light rock India, with Beams Fintech Fund participating. This round also includes existing investors Prime Venture Partners and JS Capital, as well as others.
The cash will be used for product innovation, marketing, and branding, expanding the company’s distribution reach, and employing top people across all areas, according to the company. It also plans to provide full financial services to over 30 million customers over time through organic and inorganic growth, making banking a pleasurable and secure experience.
In collaboration with banks, Niyo offers digital savings accounts and other financial services. With over 10,000 new users adding to its platform every day, the fintech firm now serves nearly 4 million consumers across its banking and wealth management products. Niyo is India’s largest consumer neo-banking platform, with over $3 billion in transactions processed.
Personal loans, credit cards, integrated FX, and other financial products would be introduced in the next three months, according to the business, which launched India’s first fully digital payroll account earlier this month. Vinay Bagri and Virender Bisht, both veterans of the banking and technology industries, formed the company in 2015.
