Banking is often considered a tiresome process. Lengthy queues, time-consuming paperwork, and complex procedures often result in a demanding banking experience. However, traditional banking systems are working towards transforming their operations to streamline their banking procedures. NIYO Fintech is one such platform that is receiving a lot of recognition in the financial space due to its exceptional digital banking solutions, allowing individuals and businesses to enjoy a seamless fintech experience.
The Founding Story of NIYO Fintech
Travel banking fintech platform NIYO was initially introduced in 2015 to transform banking digital innovation. With its headquarters in Banglore, the NIYO fintech currently holds a staff of 251-500 professionals.
As mentioned, NIYO delivers digital banking products and services through collaborating with various banks. Some of the services include prepaid payroll cards, multi-wallet tax benefit cards, cross-border travel payment debit cards to customers, etc. Niyo Bharat card (a zero balance account) and Niyo tax saver card are some of the famous products owned by NIYO fintech.
With a retail customer base of over 1.3 million, NIYO was introduced by Mr. Vinay Bagri, who has rich experience working with many reputed banks, such as Standard Chartered and Kotak Mahindra Bank and Virender Bisht, who has previously worked for MakeMyTrip.
According to the founders, they envisioned simplifying banking for the modern consumer by leveraging technology to provide a seamless and efficient banking experience. This idea has culminated in “NIYO” today; such a platform boasts more than 1.3 million users and has raised a total funding of $49.2 million.
Funding of NIYO Fintech
When it comes to NIYO’s financial backing, it has successfully managed to attract various reputed investors in the past years. Recently, the platform has raised strategic funds from Spring Marketing Capital; with this collaboration, NIYO is planning to use these funds in their travel banking sector by helping with the overall brand strategy.
Besides this funding, NIYO has additionally closed a $ 130 million Series C round by various investors, including Multiples, Lightrock, and Accel. The brand has also collaborated with other investors, including Horizons Ventures, Tencent, JS Capital, Social Capital, Prime Venture Partners, and Beams Fintech Fund.
NIYO’s Future Vision:
According to the company, NIYO will plan to employ its funding to launch new products in the insurance and lending space. The brand is also expected to use its funding for inorganic acquisitions, brand building, etc.
In addition to this, NIYO currently holds an employee base of 251-500 members; however, in 2022, the company is aiming to double its workforce count.
Wrap Up
NIYO fintech has successfully transformed the banking sector with innovative digital solutions to streamline banking operations. Due to their edge-killing solutions, NIYO has received a lot of recognition in the fintech space, enabling businesses to enjoy a seamless fintech experience. Founded by Vinay Bagri and Virender Bisht, NIYO boasts over 1.3 million users and significant funding. Their vision includes expanding into insurance and lending, and NIYO plans to double its workforce in 2022. Niyo’s journey exemplifies fintech’s commitment to simplifying banking through technology.
