Niyo, a Bengaluru-based digital and travel banking fintech, has raised strategic investment from Spring Marketing Capital. With this strategic investment, Spring Marketing Capital will accelerate Niyo’s efforts in growing the travel banking segment by aiding its overall brand strategy, partnerships, and campaigns.

Niyo Solutions Inc. | Fronting Innovation in Tech & Finance

Founded by Virender Bisht, along with co-founder Vinay Bagri, in 2015, Niyo has two lines of business – global banking and mass banking. Claiming to have a customer base of 4 million, the Bengaluru-based startup offers these digital banking services in partnership with DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius. 

Speaking about the development, Vinay Bagri, Co-founder and CEO of Niyo, expressed his delight to welcome Spring Marketing Capital as a strategic investor to propel their marketing and branding endeavours. 

Bagri added, 

“We’ve been able to create an impactful brand, and with Spring joining forces with us, we’re excited to create a formidable brand with their strategic marketing innovations.”

Funding and Acquisitions

Last year, Niyo raised $130 million in a Series-C funding round led by Accel, Lightrock, and Multiples. The funding round also saw participation from investors, including Prime Venture Partners, Tencent, JS Capital, Social Capital, Horizons Ventures, and Beams Fintech Fund.

The same year, Spring Marketing partnered with Niyo and launched the ‘Go Global with Niyo Global’ campaign, which witnessed significant traction across key events like IPL, Wimbledon, US Open, and French Open, among others.

Notably, in 2021, Niyo acquired a Bengaluru-based personal finance startup, Index, to boost its wealth management platform. A year before that, the firm acquired a direct mutual fund investment online platform, Goalwise.

Led by Raja Ganapathy, Arun Iyer, and Vineet Gupta, who come with investing and brand-building experience, Spring Marketing Capital is a marketing capital firm that partners with founders to offer capital & marketing expertise. Its portfolio includes brands like Purplle, Leverage Edu, Jar, Mosaic Wellness, Juicy Chemistry, and Dezy.

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