Niyo Raises $30 Million From Multiples Alternate Asset Management

The funds will be utilized to expand product capabilities and increase the customer base through organic and inorganic opportunities

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Niyo, a consumer-focused fintech platform, has raised $30 million from Multiples Alternate AssetManagement Pvt Ltd.

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The funds will be utilized to expand product capabilities and increase the customer base through organic and inorganic opportunities. The proceeds will also be used for brand building and bolstering team strength across functions.

"Niyo's products are designed to deliver superior economic value and a frictionless, highly engaging experience to customers. It's amazing that Niyo is able to reach customers in 16,000-plus pin codes which cover 80 per cent of the pin codes in India. Vinay and Viren are building Niyo with a strong technology and partnership DNA. We are very excited to partner with them in the journey to build India's leading fintech platform and accelerate digital adoption of financial products across the country," said Nithya Easwaran, MD, Multiples.

Vinay Bagri, CEO and co-founder, Niyo said, "We are extremely excited to partner with Multiples as we continue on our growth journey to transform the way India banks. We hope to leverage the deep expertise and relationships that the Multiples team brings in the Indian financial services domain as we're looking to expand our capabilities to build a highly valuable consumer financial services platform."

Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo offers digital savings accounts and other banking services in partnership with banks. It currently serves around 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform, added a statement.