Indian digital consumer banking platform Niyo has raised $100m in its Series C funding round to ‘transform’ banking in the country.

Accel and Lightrock India co-led the funding round, which was joined by Beams Fintech Fund along with existing investors such as Prime Venture Partners and JS Capital.

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The proceeds will be used for product development, marketing, branding, expanding distribution footprint and hiring across departments.

Niyo offers services such as digital savings accounts through partnership with banks.

Niyo co-founder and CEO Vinay Bagri said: “We have always strived to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks.”

Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo currently caters to over four million customers through its banking and wealth management products.

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The neo-banking platform launched a fully digital salary account this month and is preparing to launch other banking products such as credit cards, personal loans, and integrated forex in the next three months.

Accel partner Anand Daniel said: “Vinay, Viren and team have built a fantastic product with a clear value prop for customers which is reflected in their phenomenal growth. We look forward to partnering with Niyo in changing the way India banks.”

Lightrock India principal Ashish Garg said: “Neobanks are an emerging asset class in India and believe that the quality of Niyo’s team, customer understanding and technology stack will enable them emerge as the leader of the space.”