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

Consumer neo-banking platform Niyo has raised USD 100 million (about Rs 750 crore) from a group of private equity firms led by Accel and Lightrock India, the company said on Thursday.

The company will use the funds to accelerate its mission to transform banking in India, and to provide convenient and hassle-free financial services to digital native customers, the company said in a statement.

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The Series C round of funding was led by Accel and Lightrock India with participation from Beams Fintech Fund, it said, adding, existing investors Prime Venture Partners, JS Capital also participated in the round along with others.

"Niyo offers digital savings accounts and other banking services in partnership with banks. The company currently serves about 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform. Niyo is processing over USD 3 billion of transactions making it the largest consumer neo-banking platform in India," it said.

The company will utilize the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions, it said.

Niyo is also looking to provide comprehensive financial services to over 30 million users through both organic and inorganic expansion over time making banking a delightful and secure experience, it said.

Niyo has launched India's first fully digital salary account this month and is in the process of launching personal loans, credit cards, integrated forex and other banking products in next three months, it said.