Fintech start-up NiYO raises $35 m in Series B funding

Bengaluru-based digital banking start-up NiYO Solutions has raised $35 million in Series B funding round from Horizons Ventures, Tencent and existing investor, JS Capital.

Founded by banking veteran Vinay Bagri and technology veteran Virender Bisht in 2015 and launched as a pilot in July 2016, NiYO had earlier raised $14 million in funding rounds led by Prime Venture Partners. Including this current round, NiYO had raised $49 million.

The funding would be used to accelerate the development and roll out of new product offerings, to expand distribution, to create brand awareness in marketing and to explore global markets, particularly emerging economies which offer similar opportunities for digital disruption.