Bengaluru, NFAPost: Finnew Solutions, which owns and operates consumer-facing neobank NIYO Solutions, has raised $100 million in a Series C round of funding from Accel and Lightrock India.
With this round, Niyo has raised total equity capital of around $150 million since its inception. The company will utilise the capital for product innovation, marketing and branding, increasing its distribution and hiring top talent across functions. It is also evaluating inorganic expansion – especially in the space of lending technology and insurance technology.
Bengaluru-headquartered Niyo offers digital banking services to retail customers starting with personal savings bank accounts.
The company works with the blue-collar workforce through its Niyo Bharat offering providing them products like zero balance lifetime prepaid card and with digital savvy retail investors through NiyoX which offers savings and wealth management products.
Commenting on the fundraising, NiyoX Cofounder and CTO Virendra Bisht said the company’s primary sources of revenues include banking fee income and income from interchange, especially from customer transacting outside of India.
“We see lending and insurance as larger opportunities. The inorganic expansion is based on the demand from our customer base, which is looking for personal loans, BNPL (Buy Now, Pay Later) etc as well as sachet insurance products. Acquisitions will fast-track our growth in the sector and we are not restricted by the current amount of capital we have raised,” said NiyoX Cofounder and CTO Virendra Bisht.
Founded in 2015 by Virender Bisht and Vinay Bagri, NiYO partners with companies (employers) and banks to offer employees the opportunity to access their benefits, such as healthcare or food allowances, through a digital platform. That includes a mobile app for submittingclaims, and the option of a credit card. NiYO Solutions acquired Index for an undisclosed amount last year.
