INSUBCONTINENT EXCLUSIVE:
financial services, has raised $35 million in a new funding round to expand its business in the nation and explore international markets for
some of its products.The four-year-old startup, which serves small and medium businesses and other salaried employees across India, raised
its Series B from Horizons Ventures, Tencent and existing investor JS Capital
relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers to customers additional features such as
Blue-collared employees in India (and many other markets) continue to struggle in availing crucial financial services from banks that
typically reserve them for the privileged segment
With its payroll solution and other products, NiYO is trying to drive financial inclusion in the country, it said.The startup also offers a
global travel card with no mark-up fee
In an interview with TechCrunch, Vinay Bagri, co-founder and CEO of NiYO, said the startup is exploring bringing the travel card to other
expansion of its distribution and marketing efforts
It also wants to grow its customer base from about 1 million currently to 5 million in the next three years
Bagri said NiYO is looking to acquire other startups that are a good fit for its vision.Neo banks are increasingly becoming popular across
the globe as traditional banks show little interest in addressing the needs of niche customer bases
Tide and N26 are showing remarkable growth in European markets, while Azlo in the United States and Tyro Payments and Volt Bank in
Australia are also among the top players.In developing regions such as India, too, this tried and tested idea is increasingly being
Open, another Bangalore-based neo-bank, helps businesses automate their finances
It raised $30 million last month.
