Indian consumer neobank Niyo has raised $100 million in its Series C round of funding, the company announced today. The funds are earmarked for product development, marketing, distribution, and staffing.
This round was led by Accel and Lightrock India with participation from Beams Fintech Fund. Existing investors Prime Venture Partners and JS Capital are also participating in this round along with other unnamed investors.
The company offers digital savings accounts and other banking services in partnership with banks. The company currently serves about four million customers across its banking and wealth management products with more than 10,000 new users added daily to its platform, they claimed.
Niyo is also looking to provide comprehensive financial services to more than 30 million users through both organic and inorganic expansion over time. The company launched a 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. Niyo was founded in 2015 by Vinay Bagri and Virender Bisht.
“We have always strived to offer tangible value and a delightful experience to our customers,” Bagri, who also serves as CEO, said. “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.”
“We are excited to back the fastest growing neo-bank in India, Niyo,” Accel partner Anand Daniel added. “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.”
“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,” Lightrock India principal Ashish Garg said. “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.”
“We are seeing massive tailwinds for digital financial products since COVID,” Bisht, who doubles as STO, added. “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.”