Niyo, an India-based consumer neo-banking platform, said Thursday it has raised $100 million in its Series C round of funding led by Accel and Lightrock India.

Beams Fintech Fund and its existing investors Prime Venture Partners, JS Capital are also participating in this round along with others, Niyo said in a statement.

It said the company will be using the funds to accelerate its mission to transform banking in India, and to provide convenient and hassle-free financial services to digital native customers.

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

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.

“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 and 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,” said Niyo Co-Founder and Chief Executive Officer Vinay Bagri.

Meanwhile, Niyo Co-Founder and Chief Technology Officer Virender Bisht said the group is 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,” he said.

Niyo is a digital banking fintech firm that offers digital savings accounts and other banking services in partnership with banks. The company currently serves about 4 million customers and over 7,000 corporates across its banking and wealth management products with over 10,000 new users added daily to its platform. It is processing over $3 billion of transactions making it the largest consumer neo-banking platform in India. The company has sales presence in more than 20 states and union territories in India, and has around 500 employees, over 250 of which are dedicated to tech, product and design.

Niyo has launched India’s first fully digital salary account this month and is in the process of launching personal loans, credit cards, integrated foreign exchange and other banking products in the next three months. The company was founded in 2015 by Vinay Bagri and Virender Bisht who are veterans in the banking and technology domains.

“We are excited to back the fastest growing neo-bank in India, Niyo. Vinay, Viren and team have built a fantastic product with a clear value prop for customers which is reflected in their phenomenal growth. We look forward to partnering with Niyo in changing the way India banks,” said Anand Daniel, partner at Accel.

Ashish Garg, Principal at Lightrock India also said :”We are extremely excited about the potential of Niyo in re-imagining the banking experience for millions of users in India across the income pyramid. Neobanks are an emerging asset class in India and believe that the quality of Niyo’s team, customer understanding and technology stack will enable them emerge as the leader of the space.”

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