Neo-banking firm NiYO raises $35 mn from Horizons Ventures, Tencent, others

Digital banking start-up NiYO Solutions has raised $35 million in Series B funding round from Horizons Ventures, Tencent and existing investor, JS Capital. The Bengaluru-based company would use the funding to accelerate the development and rollout of new product offerings and expand distribution and marketing. The firm said it would also explore expanding into international markets, particularly in emerging economies which offer similar opportunities for digital disruption through the “neo-bank” concept.

NiYO was founded by banking veteran Vinay Bagri and Virender Bisht, a former top executive at MakeMyTrip and MobiKwik. It had previously raised $14 million in funding rounds led by Prime Venture Partners. With the current round, the total fund raised by NiYO is $49 million.