The consumer neo-banking platform has raised funding to accelerate its mission to transform banking in India and to provide convenient and hassle-free financial services to digital native customers.
Niyo offers digital savings accounts, banking and wealth management products in partnership with other banks. One of the fastest growing consumer focused neo-banks in India today, Niyo adds over 10,000 users daily to its platform, processing over $3 billion of transactions on an annualised timeframe. It has served nearly 4 million customers and over 7,000 corporates till date.
“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, and 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,” said Vinay Bagri, Co-founder and CEO, .
Founded by banking and technology veterans Vinay Bagri and Virender Bisht, Niyo has a bench strength of around 500 people, with more than 250 people dedicated to tech, product, and design.
“We are extremely delighted to have Niyo as the first investment from Beams Fintech Fund alongside Accel and Lightrock. We believe the consumer banking space in India has evolved fundamentally over the last couple of years and Niyo has created an enviable position for itself in the market. We strongly believe in the platform that Niyo has created and the vision of the founders towards Niyo,” said Anuj Golecha, Co-founder and Partner, Beams Fintech Fund.
Niyo fits right within the investment strategy of Beams Fintech Fund of investing in fast-growing, high-quality fintech companies at growth-stages backed by marquee founders. With a founder-first approach, Beams has a focused strategy of offering maximum value to its portfolio companies including capital and ecosystem support to build large successful fintech companies. Beams will open its network of local banks, insurance companies, NBFCs, fintechs, mentors, and advisors along with access to Venture Catalysts and 9 Unicorns’ 250+ portfolio companies for Niyo to not only access capital at affordable rates but also to expedite the go-to-market strategy in India.
Sagar Agarvwal, Co-founder and Partner, Beams Fintech Fund said, “We are excited about the potential of Niyo to transform the banking experience for millions of users in India. Niyo’s tech stack is highly regarded by all its banking partners and its products are well appreciated by its consumers. We are delighted to partner with Vinay and Virender to create Niyo as the most successful consumer focused neo-banks in India.”
“Launched less than a year ago, our first-of-a-kind product offering NiyoX is democratising 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,” said Virender Bisht, Co-founder and CTO, Niyo.