Niyo, a neobanking platform, has raised $100 million in a Series C round of funding
- ByStartupStory | February 24, 2022
Finnew Solutions, based in Bengaluru, has secured $100 million in a Series C round of capital from Accel and Lightrock India. Finnew Solutions owns and runs the consumer-facing neobank NIYO SOLUTIONS. Aside from returning investors Prime Venture Partners, JS Capital, and others, the Beams FinTech Fund, which is supported by Venture Catalysts, was also a part of the round.
Niyo has already raised about $150 million in total equity financing since its founding in 2015. For the current round, Niyo’s financial advisor was Avendus Capital.
Later this year, the business intends to seek further funds. Goalwise, a mutual fund investing platform, was acquired in 2020, and Index, a personal financial management platform, was acquired in 2021. According to Virendra Bisht Co-founder and CTO of the company, the firm will shortly unveil its first integrated product with Goalwise.
Niyo, which was founded in 2015 by banking professionals Virender and Vinay Bagri, provides digital banking services to retail users, starting with personal savings accounts. The firm works with blue-collar workers through its Niyo Bharat offering, which offers zero-balance lifelong prepaid cards, as well as digitally savvy retail investors through NiyoX, which provides savings and wealth management tools.
Niyo has a client base of almost 4 million people and more than 7000 businesses. Around 500 people work for the firm, with approximately 250 devoted to technology, product, and design.
Investor interest in the neo banking area has grown, with consumer-facing neobanks like Jitendra Gupta’s Jupiter raising $86.6 million in December 2021. In November 2021, Fi, a Neobank for working professionals, secured $50 million from B Capital, Falcon Edge, and other investors.
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