India’s Niyo Secures $100 Million In Series C Round, Now Also Has 4 Million Customers

Niyo’s Co-founders; Vinay Bagri and Virender Bisht 

Indian neobank Niyo has secured $100 million in a Series C financing round co-led by Accel and LightRock. The round also saw the participation of existing investors Prime Ventures Partners, JS Capital and Beams Fintech Fund, bringing the total funds raised by the neobank to $150 million.

Niyo, which is looking to add lending and insurance services to its offerings, offers digital savings accounts and banking services in India. Its user base is largely made up of Indian workers and it works alongside banks to deliver trendy and modern features and user experience.

Apart from the digital savings accounts, the startup operates a wealth management product aimed at enabling users to make gains from investments. Its zero-percent forex markup and “invest the change” which invests parts of users’ savings are the most popular of its wealth managements product features.

Niyo, which launched less than a year ago, has amassed more than 4 million customers according to its CEO and co-founder Vinay Bagri. He revealed that these customers are in their 20s and early 30s. Chief technology officer and co-founder Virender Bisht said the startup has been adding 10,000 new users on a daily basis and is processing more than $3 billion worth of transactions. Niyo is experiencing “massive tailwinds for digital financial products” since the outbreak of the pandemic, he said.

“Launched less than a year ago, our first-of-a-kind product offering ‘NiyoX’ is democratizing the superior digital banking experience for users, and has witnessed tremendous user adoption”, he added.

 “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,” said Anand Daniel, partner at Accel, in a statement.

Niyo plans on launching credit services to customers starting next month. It says that it is also looking for beneficial opportunities via acquisitions as it broadens its offerings.