Neobanking platform, Niyo has raised $100 million in series C round of funding, led by Accel and Lightrock India. Existing investors Prime Venture Partners, JS Capital and Beams Fintech Fund also participated in the round.
The company said that fund will use the funding for brand building, marketing, inorganic acquisitions and to bolster its team strength.
“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,” Vinay Bagri, chief executive officer, and cofounder, Niyo, said.
Founded in 2015, Niyo is the India’s leading Fintech, which is making banking simpler, smarter and safer for more than 1.5 million customers.
“We are excited to back the fastest growing neo-bank in India, Niyo. Vinay, Viren and team have built a fantastic product with a clear value prop for customers which is reflected in their phenomenal growth. We look forward to partnering with Niyo in changing the way India banks,” Anand Daniel, partner at Accel, said.