Digital banking startup NIYO Solutions has raised $35m in its Series B round to accelerate product deployment.
Horizons Ventures and Tencent participated to the round which also received renewed support from previous NIYO backer JS Capital.
Following the close of the round, the company will look to increase the development and deployment of product offerings. In addition to this, the startup will increase the distribution and marketing efforts.
NIYO will also explore expansion into international markets, with a focus on emerging economies.
Based in India, the company offers digital banking services to the country’s blue-collar workforce, giving them tools to manage their savings, payments, investments and insurance protection.
The company offers an international card, physical and mobile-based, which uses the visa exchange rate and can be used with more than two million ATMs and at 35 million merchants around the world.
Alongside payments, the company offers digitalised employee benefits and reimbursement services. This includes benefits for gifts, internet, and fuel, among others. Other services include real-time tax tracking, and digital claims filings.
Currently, NIYO serves around one million users and is hoping to up this to five million within the next three years.
NiYO co-founder and CTO Virender Bisht said, “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.”
With the close of this round, NIYO has raised a total of $49m in capital funding since it was founded in 2015. Prior to this new investment, the WealthTech startup closed a $13.2m Series A last year. Contributions to the former round came from Social Capital, JS Capital, and Horizons Ventures.
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