Neobanking start-up Niyo raises $100 mn in Series C funding round

This Series C round of funding was led by Accel & Lightrock India with participation from Beams Fintech Fund

Neobanking start-up Niyo has raised $100 million in its Series C round of funding. This round of funding was led by Accel and Lightrock India with participation from Beams Fintech Fund. Existing investors Prime Venture Partners, JS Capital also participated in this round along with others. 

The company has not disclosed its valuation in the round.

Niyo offers digital savings accounts and other banking services in partnership with banks. The company currently serves about 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform. 

The company will utilise 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 making banking a delightful and secure experience.  

The company has launched a fully 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 who are veterans in the banking and technology domains.  

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,” he added.