Tencent-backed fintech firm nets $100m in series C money

India-based Niyo, a consumer neobanking platform, has raised US$100 million in a series C round led by Accel and Lightrock India. The round also saw participation from Beams Fintech Fund as well as returning investors Prime Venture Partners and JS Capital.

Niyo co-founders Virender Bisht (left) and Vinay Bagri / Photo credit: Niyo

In 2019, Niyo raised US$35 million from Hong Kong’s Horizons Ventures and China’s Tencent Holdings in its series B round. The startup’s existing backers, including Israel-based JS Capital, took part in the latest fundraise as well.

Niyo provides digital savings accounts and other banking services to consumers. The company currently serves more than 4 million customers through its banking and wealth management services. The firm said it has been adding more than 10,000 new users to its platform every day.

Niyo was founded in 2015 by former Kotak Mahindra Bank business head Vinay Bagri and Virender Bisht, who previously worked with firms such as MobiKwik and MakeMyTrip.

Niyo said it will use the fresh capital to improve its products, expand its distribution footprint, and hire new talent. It is also looking to expand its services organically and inorganically. The company plans to launch personal loans, credit cards, integrated forex, and other banking products in the next three months.

See also: Oyo-like healthcare startup eyes up to $20m series B money