- Bengaluru-based digital banking startup NiYO Solutions announced it raised $35 million in Series B funding
- Horizons Ventures, Tencent Holdings, and existing investor JS Capital participated in this round
NiYO Solutions, a Bengaluru-based digital banking startup, announced it raised $35 million in Series B funding recently. Investors in this round include Horizons Ventures, Tencent Holdings, and existing investor JS Capital. Including this round of funding, NiYO raised about $49 million total.
And NiYO was founded by Vinay Bagri and Virender Bisht. Bagri has spent more than a decade working for Standard Chartered Bank prior to launching NiYO. And Bisht worked at MakeMyTrip for over four years.
This round of funding will be used for accelerating the development and rollout of products, expand distribution and marketing, and explore entering international markets, according to Livemint.
“With this fresh round of funding, we aim to fortify our service suite and further accelerate our growth,” said Bagri in a statement.
NiYO currently serves around one million users. And the company is aiming to grow to five million over the next three years.
As of right now, the NiYO Bharat Mobile App is available in eight languages and it has speech-enabled features. Plus the company also offers a forex solution called a NiYO Global Card.
“From our first meeting with Vinay and Viren, we were excited by the vision of bringing ‘neo-banking’ experience to the blue-collar segment—helping drive the benefits of digitization, financial inclusion and to the hard-working masses in India,” added Prime Venture Partners managing partner Sanjay (TheSwamy) Swamy.