Niyo raises US$100 million in Series C round led by Accel and Lightrock

Niyo co-founders Virender Bisht (CTO) and Vinay Bagri (CEO)- File Photo GPN

~Will be using the funds to accelerate mission to make banking easier for 30 million users~

MUMBAI, FEBRUARY 24, 2022 (GPN): Niyo, the consumer neo-banking platform, has raised $100 million in its Series C round of funding. 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.

This Series C round of funding was led by Accel & Lightrock India with participation from Beams Fintech Fund. Existing investors Prime Venture Partners, JS Capital are also participating in this round along with others.

Niyo offers digital savings accounts and other banking services in partnership with banks. The company currently serves about 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform. Niyo is processing over US$3 billion of transactions making it the largest consumer neo-banking platform in India.

The company will utilize the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. Niyo is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time making banking a delightful and secure experience.

Niyo has launched India’s first fully digital salary account this month and is in the process of launching personal loans, credit cards, integrated forex. and other banking products in the next three months. The company was founded in 2015 by Vinay Bagri and Virender Bisht who are veterans in the banking and technology domains.

Avendus Capital was the exclusive financial advisor to Niyo on the transaction.

Niyo Co-founder and CEO Vinay Bagri said, “We have always strived to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. We are excited to partner with Accel, Lightrock & Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being.”

Anand Daniel, partner at Accel, said, “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.”

Ashish Garg, Principal at Lighrock India said,“We are extremely excited about the potential of Niyo in re-imagining the banking experience for millions of users in India across the income pyramid. 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 emerge as the leader of the space.”

Niyo Co-founder and CTO Virender Bishtsaid, “We are seeing massive tailwinds for digital financial products since COVID. 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. With this raise, we aim to expand the product suite for our customers and meet their growing expectations.” Ends

About Niyo         
Niyo, a digital banking fintech conceptualized in 2015, is making banking smarter, safer and simpler through its suite of financial products. Niyo operates out of corporate offices in Bangalore, Mumbai and Delhi, and has sales presence in more than 20 states and union territories, currently serving a customer base of around 4 million and over 7,000 corporates. Niyo currently has around 500 employees, over 250 of which are dedicated to Tech, Product and Design.
Website: www.goniyo.com 

About Accel       
Accel is a global venture capital firm that aims to be the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Accel has been operating in India since 2008, and its investments include companies like BookMyShow, Browserstack, Flipkart, Freshworks, FalconX, Infra.Market, Chargebee, Clevertap, Cure Fit, Musigma, Moneyview, Mensa Brands, Myntra, Moglix, Ninjacart, Swiggy, Stanza Living, Urban Company, Zetwerk, and Zenoti, among many others. We help ambitious entrepreneurs build iconic global businesses.
Website: www.accel.com orhttps://twitter.com/Accel_India 

About Lightrock India    
Lightrock India is the India-focused effort of the global Lightrock impact investing platform. Lightrock India was formed in September 2019 when the LGT group acquired Aspada – an early stage impact investor formed in 2012. Lightrock India invests across transformational business models that create positive societal and environmental impact across themes of people, planet and business with about 40 companies and about $700 million in assets. Lightrock, globally, has operations across 4 continents with over 60 investments managing about $2 billion in assets, and is backed by the Princely house of Liechtenstein and LGT, the international private banking and asset management group.
Website: www.aspada.com 

About Beams Fintech Fund         
Beams Fintech Fund is a Growth Capital Fintech fund for India offering Ecosystem, Value Add & Capital to support the Fintech founders of tomorrow. Beams is being launched by India’s first and largest integrated incubator, Venture Catalysts, that also has 9Unicorns, a $100 million early-stage sector-agnostic accelerator fund in its stable. Beams Fintech Fund will focus on investing in growth stage rounds of financial technology companies run by exceptional entrepreneurs. We aim to create the market leaders of the Fintech revolution in India by supporting entrepreneurs in building enterprise solutions for the financial services industry & disrupting the way banking & financial services are traditionally offered to customers & businesses.
Website: www.beams.vc 

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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