NiYO raises USD 35mn led by Horizons Ventures, Tencent

New Delhi, July 9 () Bengaluru-based digital banking startup NiYO Solutions said on Tuesday it has raised USD 35 million (around Rs 240 million) in funds from Horizons Ventures, Tencent and the existing investor , JS Capital.

With the last infusion (series B), the company has raised a total of US $ 49 million in funds.

The latest round of financing will be used to accelerate the development and implementation of new product offerings and to amplify distribution and marketing, he said in a statement.

The funds will also be used to explore expansion in international markets, particularly in emerging economies that offer similar opportunities for digital disruption through the 'Neo-bank' concept, the statement said.

Currently, it serves around one million, NiYO aims to serve 5 million users in the next three years.

Our main focus on value and customer service is generating abundant dividends with strong growth in business metrics in the last 12 months. With this new round of financing, our goal is to strengthen our suite of services and further accelerate our growth, co-founder of NiYO and Executive Director Vinay Bagri said.

The NiYO product is designed to digitally train the Indian labor force, mainly in labor-intensive or unorganized sectors, and provide them with a platform to manage their savings, payments, investments and financial protection (insurance). NiYO is also betting heavily on the international travel market with its forex solution, NiYO Global Card. SR HRS