Niyo Solutions, a Bengaluru based firm has successfully raised $30 million from investors. Spare a few minutes to know more about it.
Cracking the deal
The neo banking platform Niyo Solutions has said that Mumbai-based equity firm Multiples Alternate Asset Management Pvt Ltd. has invested $30 million in the company.
The transaction’s financial advisor was Avendus Capital. The business has secured $100 million in a Series C fundraising round, which was co-led by Accel and Lightrock India and included Beams Fintech Fund, Prime Venture Partners, and JS Capital, as well as previous backers. Niyo has now raised $130 million in total this year with this round.
Total funding to almost $180 million
The most recent round brings the company’s total funding to almost $180 million ($13.2 million in Series A funding from Silicon Valley’s Social Capital, Jonathan Soros’ family foundation, JS Capital LLC, Horizon Ventures, and Prime Venture Partners; $35 million in Series B funding headed by Horizons).
Looking for gain
The company is willing to take advantage of organic and inorganic opportunities to develop a client base and enhance product capabilities through the funds acquired. According to the statement issued on Tuesday, the money inflow will also be used to strengthen teams across all areas and boost brand recognition.
Company’s Insights
Just in 6 years of establishment, Niyo Solutions has got its mammoth presence of over 16000+ pin codes in the country, which accounts for more than 80% of Indian pin codes, along with $3 billion transactions across the platform running through the accounts of 4 million customers enrolled with Niyo solutions.
It brought neo-banking into the mainstream banking services of the country with the company’s inception in 2015. Through collaborations with banks, NIYO operates as a neo-bank and provides digital banking products and services.
Over 1000 employees
With more than 10,000 employees spread across multiple cities, Niyo is present in more than 30 cities in India. Over 1.3 million retail and over 6000 enterprise customers have shown faith in Niyo. The Niyo Bharat card, a zero-balance account, a Niyo TaxSaver card, and a Niyo Global Account are among the listed company’s products.
What does the start-up offer?
NIYO is a Bengaluru-based fintech start-up that offers customers digital banking solutions such as prepaid payroll cards, cross-border travel payment debit cards, and multi-wallet tax benefit cards.
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