PE Fund Investments
Neobank Niyo raises $100-M from Accel Growth, Lightrock India, others
Niyo, a Bengaluru-based consumer neo-banking platform, has raised USD 100 million in a Series C round led by Accel India and Lightrock India, with participation from Beams Fintech Fund. Existing investors Prime Venture Partners and JS Capital also participated in this round. Avendus Capital was the exclusive financial advisor to Niyo on the transaction. Niyo offers digital savings accounts and other banking services in partnership with banks. It claims to serve around 40 lakh customers across its banking and wealth management products, adding over 10,000 new users daily. It also claims to be processing over USD 3 billion worth of transactions, making it the largest consumer neo-banking platform in India. The company will utilise the new funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions. Niyo is looking to provide comprehensive financial services to over 3 crore users through both organic and inorganic expansion, making banking a delightful and secure experience over time. Niyo has launched India's first fully digital salary account and is in the process of launching personal loans, credit cards, integrated forex and other banking products in the next three months. The company was founded in 2015 by Vinay Bagri and Virender Bisht.
From the Venture Intelligence PE-VC Deal Database: Between Jul-16 and Jul-19, Niyo raised $49-M from Horizons Ventures, JS Capital, Social Capital, Prime Venture Partners, and Tencent.
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