India’s Neo-banking Fintech Start-up, ‘NiYO’ Raises US$35Mn in Series-B Round led by Horizons Ventures & Tencent
Bengaluru, July 09, 2019 – Bengaluru based mostly new age digital banking start-up NiYO Options has raised US$ 35 million in Collection B funding spherical from Horizons Ventures, Tencent and current investor, JS Capital. NiYO is based by banking veteran Vinay Bagri and know-how veteran Virender Bisht. NiYO had beforehand raised US$ 14 million in funding rounds led by Prime Enterprise Companions. With the present spherical the overall fund raised by NiYO is US$ 49 million.
The newest spherical of funding can be used to speed up the event & rollout of recent product choices, to amplify distribution & advertising and to discover growth into worldwide markets, significantly in rising economies which provide related alternatives for digital disruption by a “Neo-bank” idea.
NiYO is already among the many largest fintechs in the neo-banking house, presently serving round 1Mn customers. With growing demand and accessible warfare chest for speedy growth, NiYO goals to service 5Mn customers in subsequent three years.
NiYO co-founder and CEO Vinay Bagri stated, “Our core give attention to buyer worth and customer support is paying wealthy dividends with sturdy development throughout enterprise metrics in the final 12 months. With this recent spherical of funding we purpose to fortify our service suite and additional speed up our development.”
Sanjay Swamy, Managing Accomplice, Prime Enterprise Companions: From our first assembly with Vinay and Viren, we had been excited by the imaginative and prescient of bringing ‘neo-banking’ expertise to the blue collar section – serving to drive the advantages of digitization, monetary inclusion and to the hard-working plenty in India. We’re delighted to welcome marquee traders who’ve direct expertise with neo-banking and extremely scalable digital funds methods world wide, and sit up for the subsequent part of development of NiYO.
NiYO goals to create a know-how enabled and value-added product & service providing layer over the present banking infrastructure, to supply a complete digital banking proposition to its retail and SME buyer base. That is in line with the worldwide mega development of ‘open or neo banking’.
NiYO has a big presence in blue collared salaried section by NiYO Bharat Payroll Answer, the place it drives monetary inclusion with tech improvements by offering banking companies hitherto accessible solely to privileged section. The product is designed to digitally empower India’s large blue-collar workforce, primarily in unorganized/ semi-unorganized labour intensive sectors and supply them with a easy but highly effective platform to handle their financial savings, funds, investments and monetary safety (insurance coverage). One instance of innovation is NiYO Bharat Cellular App which is on the market in eight languages and might be the one banking app that’s speech enabled.
NiYO co-founder and CTO Virender Bisht stated “Buyer centricity and know-how led options are the bedrock of our product innovation course of. We’re grateful to our prospects, banking companions and traders for the religion they’ve proven in our staff. With this funding, we’re doubling down on our mission to enhance our prospects’ banking experiences and create worth for all stakeholders”.
NiYO can be betting massive on the worldwide journey market with its foreign exchange resolution, NiYO International Card; with over 26 million Indians travelling overseas in 2018 and poor buyer expertise on present merchandise, NiYO senses a big alternative to disrupt the way in which travellers work together and expertise banking. It intends to nook a big share of this market by speedy product innovation and unparalleled buyer expertise.
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