NiYo, India’s neo-banking fintech startup, has raised $35 million in Series B funding from Horizons Ventures, Tencent and existing backer JS Capital. This brings the total fund raised by NiYo to $49 million after the startup previously raised $14 million in rounds led by Prime Venture Partners.
Founded by banking and technology veterans Vinay Bagri and Virender Bisht, NiYo is one of the largest fintechs in the neo-banking space, currently boasting approximately 1 million users, with plans to attract five million users in the next three years.
NiYO co-founder and CEO Vinay Bagri said:
“Our core focus on customer value and customer service is paying rich dividends with strong growth across business metrics in the last 12 months. With this fresh round of funding we aim to fortify our service suite and further accelerate our growth.”
The latest round of funding will be used to accelerate the development and rollout of new product offerings, to amplify distribution & marketing.
NiYo also wants to explore expansion into international markets, particularly in emerging economies which offer similar opportunities for digital disruption through a ‘Neo-bank’ concept.