Niyo raises $100M Series C from Accel and Lightrock
A consumer neo-banking platform, Niyo has raised $100m in its Series C funding round from Accel and Lightrock India, with participation from 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 around four million customers across its banking and wealth management products with over 10,000 new users added to its platform daily. Additionally, Niyo processes over $3 billion in transactions.
The company will use the funds for product innovation, marketing and branding, increasing its distribution footprint and hiring top talent across all functions. Niyo also seeks to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time.
Niyo launched a digital salary account this month and is in the process of launching personal loans, credit cards, in-app currencies and other banking products over the next three months. The company was founded in 2015 by Vinay Bagri and Virender Bisht. Avendus Capital acted as exclusive financial advisor to Niyo in connection with the transaction.
Niyo Co-Founder and CEO Vinay Bagri said, “We have always strived to deliver tangible value and an enjoyable experience for our customers. In the process, we are transforming the way Indian banks. We are thrilled to partner with Accel, Lightrock & Beams on our journey as we seek to accelerate the mission of bringing game-changing digital banking products to millions of users in India and positively impacting their financial well-being. .
Anand Daniel, Partner at Accel, said, “We are delighted to support India’s fastest growing neo-bank, Niyo. Vinay, Viren and their team have built a fantastic product with clear value for customers which is reflected in their phenomenal growth. We look forward to partnering with Niyo to change the way Indian banks work.
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 one-of-a-kind “NiyoX” product offering is democratizing the superior digital banking experience for users and has witnessed tremendous user adoption. With this increase, we aim to expand the product range for our customers and meet their growing expectations. »
February 24, 2022