Niyo, an India consumer-focused fintech platform, has secured a $30m in investment from Multiples Alternate Asset Management (Multiples).

The proceeds will be used by Niyo to expand its product capabilities and tap into organic and inorganic opportunities to increase its customer base.

The investment will also be used for brand building and bolstering team strength across functions, the company said.

Niyo, which was founded by Vinay Bagri and Virender Bisht in 2015, partners with banks to offer digital savings accounts and other banking services.

Currently, it is said to cater to around four million customers and processes transactions worth more than $3bn placing it among the leading consumer neo-banking platforms in India. 

Multiples managing director Nithya Easwaran said: “Niyo’s products are designed to deliver superior economic value and a frictionless, highly engaging experience to customers. It is amazing that Niyo is able to reach customers in 16,000+ pin codes which cover 80% of the pin codes in India.

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.

“We are very excited to partner with them in the journey to build India’s leading fintech platform and accelerate digital adoption of financial products across the country.”

Niyo CEO and co-founder Vinay Bagri said: “We hope to leverage the deep expertise and relationships that the Multiples team brings in the Indian financial services domain as we are looking to expand our capabilities to build a highly valuable consumer financial services platform.”

Niyo CTO and co-founder Virender Bisht said, “With this fund raise, our focus is on enhancing product development, improving our product suite to have more consumer-focused products like credit cards, remittances, loans etc.

“Our foray into new product categories will help us leverage the massive tailwinds for digital financial products the market is seeing today.”

Niyo’s latest funding comes shortly after the fintech raised $100m in its Series C funding round co-led by Accel and Lightrock India.