Consumer neobanking platform, Niyo, on Thursday said that it has raised $100 million in its Series C funding round, led by Accel and Lightrock India. The financing round also saw the participation from Beams Fintech Fund along with existing investors including Prime Venture Partners, JS Capital.
Founded by Vinay Bagri and Virender Bisht in 2015, Niyo provides digital savings accounts and other banking services to largely salaried individuals in India. It works with banks to help them deliver a more modern and expansive user experience and features. The platform 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 company will be using the funds to accelerate its mission to transform banking in India, and to provide convenient and hassle-free financial services to digital native customers,” it said in a statement on Thursday. The company will use the proceeds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. The company is also looking to double its headcount by the end of 2022. It currently has an employee base of 500 members, at present.
Speaking with tech portal TechCrunch, Niyo co-founder and chief executive Vinay Bagri said that the startup has amassed over 4 million customers across its banking and wealth management products. The report said that the company is adding over 10,000 new users each day and is processing more than $3 billion of transactions on an annualized timeframe.