Digital banking and fintech startup NiYO Solutions, the Bangalore-based company has announced picking up $35 million Series B financing. The latest round has been led by Horizons Ventures and Tencent. Existing backer JS Capital also participated in the round. The last fundraising for NiYO came in January last year when Prime Venture Partners led a $13.2 million Series A round. The current capital infusion takes the total amount raised by the company to $49.2 million.
Launched in 2015 by Virender Bisht and Vinay Bagri, the platform offers assistance to blue-collared employees avail company benefits and other financial services. The firm claims to have more than 800 people in their team in multiple offices in Bangalore, Mumbai, and Delhi from where it serves more than 5,000 companies. NiYO offers a global travel card without charging any fee. Another unique offering of NiYO is NiYO Bharat Payroll Solution.
The fresh funds will allow the firm to look for global expansion. The company is aiming the emerging economies where there's a potential for digital disruption through a 'Neo-Bank' concept. The company claims to be serving close to 1 million users which it aims to take to 5 million in the next 3 years.
Bagri, the CEO of the platform talking about the funding 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.”
Prime Venture Partners' managing partner Sanjay Swamy talking about putting the money in the firm and the concept said, “From our first meeting with Vinay and Viren, we were excited by the vision of bringing a ‘neo-banking’ experience to the blue-collar segment - helping drive the benefits of digitization, financial inclusion, and to the hard-working masses in India.”
Bisht, the CTO of the platform talking about their goal added, “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.