NiYO, an India-based digital banking startup, announced on Tuesday it secured $35 million through its Series B funding round, which was led by Horizons Ventures and Tencent with participation from existing investor, JS Capital.
Founded in 2015, NiYO aims to create a technology-enabled and value-added product & service offering layer over the existing banking infrastructure, to offer a comprehensive digital banking proposition to its retail and SME customer base. This is in line with the global trend of “open or neo-banking.” Speaking about the latest round of funding, NiYO Co-Founder and CTO, Virender Bisht, stated:
“Customer centricity and technology led solutions are the bedrock of our product innovation process. We are thankful to our customers, banking partners and investors for the faith they have shown in our team. With this investment, we are doubling down on our mission to improve our customers’ banking experiences and create value for all stakeholders.”
The funding will be used to accelerate the development and rollout of new product offerings, to amplify distribution & marketing and to explore expansion into international markets, particularly in emerging economies which offer similar opportunities for digital disruption through a ‘Neo-bank’ concept.