Neobanking platform Niyo has raised $30 million in funding from Multiples Alternate Asset Management Pvt Ltd, a Mumbai-based private equity firm. In this deal, Avendus Capital was the financial advisor.
Earlier this year, it had raised $85 million in its Series C funding round led by Accel, Lightrock India, and others.
The startup plans to use the funds to expand product capabilities and grow customer base through organic and inorganic opportunities. It will also use the new capital to build the brand and increase the strength of the team across operations.
The Bangalore-based Niyo was founded in 2015 by Vinay Bagri and Virender Bisht, It provides wealth management services including digital savings accounts, mutual fund investments, prepaid cards and other services in partnership with banks.
The startup partner banks include SBM Bank, Equitas Small Finance Bank, DCB Bank, Yes Bank and ICICI Bank.
“With this fundraise, our focus is on enhancing product development, improving our product suite to have more consumer-focused products like credit cards, remittances, loans etc. Our foray into new product categories will help us leverage the massive tailwinds for digital financial products the market is seeing today,” said, Co-founder and CTO, Virender Bisht.
The company said it serves around 4 million customers across its banking and wealth management products and adds more than 10,000 new users to its platform daily.
“Niyo’s products are designed to deliver superior economic value and a frictionless, highly engaging experience to customers. It’s amazing that Niyo is able to reach customers in 16,000+ pin codes which cover 80 percent of the pin codes in India. Vinay and Viren are building Niyo with a strong technology and partnership DNA,” said, Nithya Easwaran, Managing Director Multiples Alternate Asset Management.
Welcome to Niyo, India’s leading Fintech, which is making banking simpler, smarter and safer for more than 1.5 million customers.
Since its inception in 2015, Niyo has been at the forefront of revolutionising banking with continual digital innovation.
At Niyo, they are focused on creating banking that is simpler, smarter and safer for their customers by simplifying finance with technology.