Beams Fintech Fund, India’s first Growth Stage Fintech Fund, has participated in the $100 million Series C funding round of Niyo alongside Accel Growth & Lightrock India. Niyo’s existing investors Prime Venture Partners, JS Capital also participated in this round among others.
Niyo, the leading consumer neo-banking platform in India has raised funding to accelerate its mission to transform banking in India and to provide convenient and hassle-free financial services to digital native customers.
Niyo offers digital savings accounts, banking & wealth management products in partnership with other banks. Niyo is one of the fastest growing consumer focussed Neo Banks in India today adding over 10,000 users daily to its platform, processing over $3 Bn in GTV. Having served nearly 4 Mn customers and over 7,000 corporates till date, Niyo has become the largest consumer neo-banking platform in India.
Founded by Vinay Bagri & Virender Bisht, veterans in the Banking and Technology domains Niyo has one the of the best management teams in Consumer neo banking space with a bench strength of around 500 people, with more than 250 people dedicated to Tech, Product and Design.
Niyo fits right within the investment strategy of Beams Fintech Fund of investing in fast-growing, high-quality Fintech companies at Growth Stages backed by marquee founders. With a founder-first approach, Beams has a focused strategy of offering maximum value add to its portfolio Companies including capital and ecosystem support to build large successful fintech companies. Beams will open its network of local Banks, Insurance companies, NBFCs, Fintechs, Mentors & Advisors along with access to Venture Catalysts and 9 Unicorns’ 250+ portfolio companies for Niyo to not only access capital at affordable rates but also to expedite the go-to-market strategy in India.
Niyo Co-founder and CEO Vinay Bagri said, “We have always strived to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. 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.”
Sagar Agarvwal, Co-founder & Partner at Beams Fintech Fund said, “We are excited about the potential of Niyo to transform the banking experience for millions of users in India. Niyo clearly has a leadership position in this market. Niyo has followed a product led growth approach towards building this platform. Niyo’s tech stack is highly regarded by all its Banking partners & its products are well appreciated by its consumers. We are delighted to partner with Vinay and Virender to create Niyo as the most successful consumer focussed Neo Banks in India.”
Anuj Golecha, Co-founder & Partner at Beams Fintech Fund said “We are extremely delighted to have Niyo as the first investment from Beams Fintech Fund alongside Accel and Lightrock. We believe the consumer banking space in India has evolved fundamentally over the last couple of years & Niyo has created an enviable position for itself in the market. We strongly believe in the platform that Niyo has created & the vision of the founders towards Niyo”
Niyo Co-founder and CTO Virender Bisht said, “We are seeing massive tailwinds for digital financial products since COVID. Launched less than a year ago, our first-of-a-kind product offering “NiyoX” is democratizing the superior digital banking experience for users, and has witnessed tremendous user adoption. With this raise, we aim to expand the product suite for our customers and meet their growing expectations.”