Neobanking platform Niyo lands US$100m of series C funding

Niyo claims to be processing more than US$3 billion of transactions, making it the largest consumer neobanking platform in India

Neobanking platform Niyo has raised US$100 million in its series C funding round.

Accel and Lightrock India led the funding round, with participation from Beams Fintech Fund. Existing investors Prime Venture Partners and JS Capital also participated.

Niyo intends to use the funding for product innovation, marketing and branding, increasing its distribution footprint, and hiring talent.

The India-based fintech, which offers digital savings accounts and other banking services in partnership with banks, says it currently serves about four million customers across its banking and wealth management products, with more than 10,000 new users added daily.

Niyo claims to be processing more than US$3 billion of transactions, making it the largest consumer neobanking platform in India

The fintech launched India’s first fully digital salary account this month and is in the process of launching personal loans, credit cards, integrated foreign exchange and other banking products in the next three months.

Niyo co-founder and chief executive officer Vinay Bagri says: “We are excited to partner with Accel, Lightrock and 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 wellbeing.”

Image: Niyo

Mark Dugdale