PE Fund Investments
Neobanking platform Niyo raises $30-M from Multiples PE
Bengaluru-based neobanking platform Niyo Solutions has raised USD 30 million from Mumbai-based private equity firm, Multiples PE. The company will deploy the funds to expand product capabilities as well as customer base through organic and inorganic opportunities. The proceeds will also be used for brand building and bolstering team strength across functions. Avendus Capital was the financial advisor on the transaction. Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers digital savings accounts and other banking services in partnership with banks. It claims to be serving around four million customers, processing transactions worth over USD 3 Billion daily. It also issues travel and forex cards in partnership with SBM and DCB Bank for international remittance, and also provides zero-balance prepaid cards for blue-collar workers.
From the Venture Intelligence PE-VC Deal Database: Between July 2016 and February 2022, Niyo had raised over USD 149 M from Accel India, Lightrock India, Beams Fintech Fund, Prime Venture Partners, JS Capital, Horizons Ventures, Tencent and Social Capital (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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