Neobanking Platform Niyo Raises $100 Million In Fresh Funding
Niyo Solutions, a neobanking platform, has raised $100 million as a part of its new funding round led by Accel and Lightrock India. Beams Fintech Fund and Existing investors Prime Venture Partners, JS Capital, also participated in this round.
As per the startup, the freshly raised funds will be used to launch new products in the lending and insurance space. The neobanking platform is also expected to use the funding for brand building, inorganic acquisitions and bolster its team strength.
Niyo Solutions | Making Banking Simpler, Smarter And Safer
Founded by Vinay Bagri and Virender Bisht in 2015, Niyo is making banking simpler, smarter and safer by offering digital savings accounts as well as wealth management services to customers in partnership with banks and other financial institutions.
The neobanking platform also issues travel cards in partnership with SBM and DCB Bank for international remittance. Niyo also provides zero-balance prepaid cards for blue-collar workers.
Speaking about the growth plans, Vinay Bagri, CEO and cofounder, Niyo Solutions, said,
“We are looking to make our lending product live next month, which will revolve around personal loans, as well as buy-now-pay-later (BNPL) offerings. Niyo will look at making 2-3 acquisitions this year to help improve our capabilities around underwriting and collection. In the second half of the year, we will also look to add on to our insurance portfolio and introduce general, car and travel insurance products.”
Currently, Niyo has a base of 4 million users, and the startup claims to be adding close to 10,000 new users daily. Niyo is aiming towards a 30 million user base over the next four years. Additionally, the startup is looking to double its headcount by the end of 2022, which currently has an employee base of 500 members.
In 2021, Niyo had acquired the Bengaluru-based personal finance startup Index to boost its wealth management platform. It had also acquired the direct mutual fund investment online platform Goalwise in July 2020.
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