Neobanking stage NIYO SOLUTIONS on Tuesday said it has raised $30 million from Mumbai-based private value firm, Multiples Alternate Asset Management Pvt Ltd.
Avendus Capital was the monetary counsel on the exchange.
The startup had brought $100 million up in a Series C subsidizing round drove by Accel and Lightrock India, with support from Beams Fintech Fund and existing financial backers, Prime Venture Partners and JS Capital. With this round, Niyo has raised a sum of $130 million this year.
The most recent round takes the organization’s all out gather pledges to roughly $180 million ($13.2 million in Series A round from Silicon Valley-based Social Capital, the family office of Jonathan Soros, JS Capital LLC, Horizon Ventures and Prime Venture Partners; $35 million in Series B round drove by Horizons Ventures and Tencent).
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The organization said it will send the assets to grow item capacities and increment the client base through natural and inorganic open doors. The returns will likewise be utilized for brand developing and reinforcing group fortitude across capabilities, it said in an explanation delivered on Tuesday.
Established in 2015 by Vinay Bagri and Virender Bisht, Niyo offers computerized investment accounts and other financial administrations in organization with banks. It professes to serve around 4,000,000 clients across its banking and abundance the executives items and everyday cycles exchanges worth more than $3 billion.
It additionally gives travel and forex cards in association with SBM and DCB Bank, and furthermore gives zero-balance pre-loaded cards to homegrown regular laborers. With the raise support, Niyo will before long send off its outward settlement business.
“With this raise support, our attention is on upgrading item improvement, further developing our item suite to have more shopper centered items like Mastercards, settlements, advances and so forth. Our introduction to new item classes will assist us with utilizing the gigantic tailwinds for advanced monetary items the market is seeing today,” said Co-organizer and CTO, Virender Bisht.
“Niyo’s items are intended to convey prevalent financial worth and a frictionless, profoundly captivating experience to clients. It’s astonishing that Niyo can arrive at clients in 16,000+ pin codes which cover 80% of the pin codes in India. Vinay and Viren are building Niyo with a solid innovation and organization DNA,” said Nithya Easwaran, Managing Director Multiples.
The confidential value firm has supported different new businesses like Acko, Delhivery, Dream Sports, Licious, and MoEngage, among others.
