Niyo is a neobanking platform that offers digital savings accounts and other banking services in partnership with banks. It issues travel and forex cards in partnership with SBM and DCB Bank and provides zero-balance prepaid cards for domestic blue-collar workers. The company serves around four million customers across its banking and wealth management products and processes transactions worth over $3 billion daily. Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo plans to expand into more consumer-focused products such as credit cards, remittances, and loans and will soon launch an outward remittance business. The startup says it will deploy the funds to expand product capabilities, grow the customer base through organic and inorganic opportunities, bolster team strength across functions, and invest in brand building. Niyo offers digital savings accounts and banking features by partnering with banks to deliver a modern user experience, plus a wealth management product for mutual funds and domestic equities. Popular features include zero percent forex markup and an "invest the change" roundup investing option. The company has launched NiyoX less than a year ago and says it has seen strong adoption. Niyo has amassed over 4 million customers, is adding more than 10,000 new users per day, and is processing over $3 billion in annualized transactions. The six-year-old, Bengaluru-headquartered startup plans to add lending (loans around ₹70,000 / $930) starting next month and is pursuing inorganic growth via acquisitions as it broadens its product set. NiYO (founded in 2015) partners with employers and banks to deliver digital payroll, benefits and financial services through a mobile app. Its product enables employees to access tax‑exempt benefits (healthcare, food allowances), submit claims via the app, and use credit cards that employers can lock to specific spend categories. The startup also offers insurance, investment products, personal credit lines and credit cards that use employment as the guarantee. NiYO says it can increase employees' take‑home pay by at least 10% and currently serves over 100,000 salaried employees across more than 500 companies, with roughly 40% of users having never had a credit card before. It acquires users via employer sign‑ups and distribution through bank partners YES Bank and DCB Bank. To expand beyond tier‑one cities, NiYO plans to offer basic payroll software for free in tier‑two and tier‑three locations to onboard more employers to its core services.

Total raised

$143M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2022