Series C Brings $100M to Indian Neobank Niyo

Indian consumer neobank Niyo has raised $100 million in a Series C round, the company announced in a news release Thursday (Feb. 24).

Niyo says it will use the funding for product innovation, marketing and branding, boosting its distribution footprint and hiring talent.

“Niyo is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time making banking a delightful and secure experience,” the company said.

Based in Mumbai, Niyo offers digital savings accounts and other banking services in partnership with banks, serving about 4 million customers. The company says it has processed $3 billion in transactions, making it India’s largest consumer neobanking platform.

Earlier this month, Niyo launched India’s first fully-digital salary account, and is working on rolling out personal loans, credit cards, and other banking products over the next three months.

The company was founded in 2015 by Vinay Bagri and Virender Bisht, both veterans of the banking and technology sectors.

In 2020, Niyo joined forces with the National Payments Corp. of India (NPCI) with the goal of introducing financial services to more than five million blue-collar workers in India by 2022.

Read more: FinTech Niyo Eyes Financial Inclusion With India Payroll Tech

The company’s employee payroll solution, Niyo Bharat, provides blue-collar workers with a salary account, while the payroll software makes it easier for companies to manage workers’ salary information.

This month saw the launch of another Indian neobank called Coupl, which is designed especially for couples. Users can set up joint accounts and manage their money jointly, including savings, expenses and investments.

See also: Coupl Launching Neobank in India

Founded by graduates of the Birla Institute of Technology and Science and Indian Institute of Technology Delhi (BITS-IIT), Coupl says it’s gotten financial backing from Entrepreneur First, along with angel investors from the banking, financial services and insurance sectors.