Digital banking fintech startup Niyo said Thursday it has raised $100 million in its Series C round of funding led by Accel and Lightrock India.
Beams Fintech Fund joined as the new round while existing investors Prime Venture Partners and JS Capital also participated along with others.
Niyo offers digital savings accounts and other banking services in partnership with banks. The company claims it serves about 4 million customers across its banking and wealth management products and adds over 10,000 users daily to its platform.
It also says it has sales presence in more than 20 states and union territories in India and works with over 7,000 corporate houses, in addition to retail customers.
The company will utilize the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring talent across functions. Niyo is also looking at organic and inorganic expansion over time.
Founded in 2015 by Vinay Bagri and Virender Bisht, the firm launched a fully digital salary account this month and is in launching personal loans, credit cards, integrated forex and other banking products in the next three months.
Anand Daniel, partner at Accel, said: “Vinay, Viren and team have built a fantastic product with a clear value prop for customers which is reflected in their phenomenal growth.”
Ashish Garg, principal at Lightrock India, said that neobanks are an emerging asset class in India and that it believes the quality of Niyo’s team, customer understanding and technology stack will enable them to emerge as the leader of the space.
Avendus Capital was the exclusive financial advisor to Niyo on the transaction.