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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”