The fintech space has garnered a lot of attention with the announcement of new technology and government policies. Companies like Razorpay and ClearTax have lapped investments over the last few months and fintech cheer-leader Paytm has branched out its services to several grass-root services.
Adding to the string of announcements, early-stage investor Prime Venture Partners announced a funding of $1 million for NiYO Solutions, Bangalore-based Fintech Company.
.NiYO was founded in 2015 by banking and payroll industry veteran, Vinay Bagri, and mobile application and payments expert, Virender Bisht. The startup aims to revolutionise the payroll market with a new age banking-grade solution that will effectively give salaried Indians, a pay raise of up to 10%.
NiYO is currently operating in a by an invitation-only model. It has pilots running with various companies having a cumulative strength of more than 25,000 employees. The company will be releasing its product to market shortly in partnership with leading banks in the country and will enable over 100,000 HR executives to give an automatic pay raise to more than 10 million employees.
Today’s announcement marks Prime Venture Partners’ fourth investment in the Fintech & Payments space. Commenting on this announcement Sanjay Swamy, Managing Partner at Prime Ventures said, “At Prime, our focus is to back great entrepreneurs with category-creating companies. Vinay & Viren have an audacious goal of giving 30 million salaried workers in India a needle-moving increase in cash flow and liquidity. The combination of smartphone penetration and IndiaStack (Aadhaar, UPI, etc.) makes the timing right for NiYO’s patent-pending innovations to come to market. The initial response has been very encouraging and we’re indeed excited to be part of this journey.”