Shopper neo-banking platform Niyo raises USD 100 mn in funding led by Accel, Lightrock

Shopper neo-banking platform Niyo has raised USD 100 million (about Rs 750 crore) from a gaggle of personal fairness companies led by Accel and Lightrock India, the corporate mentioned on Thursday.

The corporate will use the funds to speed up its mission to remodel banking in India, and to supply handy and hassle-free monetary providers to digital native clients, the corporate mentioned in a press release.

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The Sequence C spherical of funding was led by Accel and Lightrock India with participation from Beams Fintech Fund, it mentioned, including, current buyers Prime Enterprise Companions, JS Capital additionally participated within the spherical together with others.

“Niyo provides digital financial savings accounts and different banking providers in partnership with banks. The corporate presently serves about 4 million clients throughout its banking and wealth administration merchandise with over 10,000 new customers added every day to its platform. Niyo is processing over USD 3 billion of transactions making it the most important shopper neo-banking platform in India,” it mentioned.

The corporate will make the most of the funds for product innovation, advertising and marketing and branding, growing its distribution footprint, and hiring high expertise throughout features, it mentioned.

Niyo can also be trying to present complete monetary providers to over 30 million customers by each natural and inorganic growth over time making banking a pleasant and safe expertise, it mentioned.

Niyo has launched India’s first absolutely digital wage account this month and is within the means of launching private loans, bank cards, built-in foreign exchange and different banking merchandise in subsequent three months, it mentioned.

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