Bengaluru-based neobank startup Niyo has raised $100 Mn in its Series C round led by Accel and Lightrock India. The fresh round further saw participation from Beams Fintech Fund, in participation with Prime Venture Partners, and JS Capital among others.
According to the company, it will use the proceeds from the current round to launch new products in the lending as well as insurance space. It is also expected to use the funding for brand building, inorganic acquisitions and to bolster its team strength.
Founded by Vinay Bagri and Virender Bisht in 2015, Niyo offers digital savings accounts, wealth management services including mutual fund investments, prepaid cards and other banking services in partnership with banks. The startup’s partner banks include SBM Bank, Equitas Small Finance Bank, DCB Bank, Yes Bank and ICICI Bank.
The startup has four products under its hood – NiyoX, Niyo Global, Niyo Money, and Niyo Bharat. It has currently about 4 million customers across its banking and wealth management products and processes transactions of over $3 billion.
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In an interview with Moneycontrol, Bagri said, “Lending will complete our stack. We already have wealth management and banking services, lending will make us a complete financial services provider.”
Niyo is also looking at securing a non-banking finance company (NBFC) licence and in the second half of 2022 the company will look at offering insurance to its customers as well.
“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.
Ashish Garg, Principal at Lighrock India said, “Neobanks are an emerging asset class in India and believe that the quality of Niyo’s team, customer understanding and technology stack will enable them to emerge as the leader of the space.”
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