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Indian neobank Niyo raises $100m

Indian neobank Niyo raises $100m

Indian neo-banking platform Niyo has raised $100 million in a Series C funding round led by Accel and Lightrock India.

Niyo has about four million customers for its banking and wealth management products, which are offered in partnership with registered banks.

The firm launched India's first fully digital salary account this month and is in the process of rolling out personal loans, credit cards and integrated forex.

The new funding will be used to develop more products, make hires, step up marketing and increase the company's distribution footprint.

Vinay Bagri, CEO, Niyo, says: said, "We are excited to partner with Accel, Lightrock & Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being."

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