Indian neobank Niyo lands $100m Series C to boost product development
Indian neobank Niyo has raised $100 million in a Series C funding round.
The fintech is based in Mumbai
The round was led by Accel and Lightrock India and saw participation from new investor Beams Fintech Fund and existing investors Prime Venture Partners and JS Capital, among others.
Niyo co-founder and CEO Vinay Bagri says: “We are transforming the way India banks.”
Bagri says this investment will “accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being”.
Niyo offers digital savings accounts and other banking services and aims “to provide convenient and hassle-free financial services to digital native customers”.
The neobank intends to use the cash raised to develop new products, bolster its marketing and branding efforts, increase its distribution footprint and embark on a hiring spree.
It has recently launched a fully digital salary account and is currently working towards launching personal loan products, credit cards and an integrated forex platform.
It claims about 4 million customers across its banking and wealth management products and adds more than 10,000 new users every day to its platform.
Niyo co-founder and chief technology officer Virender Bisht says: “We are seeing massive tailwinds for digital financial products since Covid-19.
“With this raise, we aim to expand the product suite for our customers and meet their growing expectations.”
