Indian neo bank Niyo scores $100m Series C

Consumer neo-banking platform Niyo has raised $100m for its Series C, as it looks to shift gear on its mission to transform banking in India.

Accel and Lightrock India co-led the round, with commitments also coming from Beams Fintech Fund, Prime Venture Partners, JS Capital and others.

These fresh funds will help Niyo bolster its product innovation, marketing and branding efforts, as well as increase its distribution footprint and hire more staff. The company is also looking to offer solutions to over 30 million users through organic and inorganic expansion over time.

Based in India, Niyo offers digital savings accounts and other banking services through partnerships with banks. It currently has four million customers and is adding an average of 10,000 each day. It also claims to process $3bn in transactions.

It recently released India’s first digital salary account and is also looking to release products for personal loans, credit cards, integrated forex and more.

Niyo co-founder and CEO Vinay Bagri said, “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 & 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.”

The FinTech company previously raised $35m in its Series B funding round back in 2019.

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