Fintech start-up NiYO, which that addresses the need of salaried employees, has raised $13.2 million (₹85 crore) in Series A funding, to drive the expansion of its payroll and benefits platform.

The investment was made by Social Capital, JS Capital (the family office of Jonathan Soros) and Horizons Ventures, with participation from existing investor Prime Venture Partners. The start-up had received $1 million in seed funding from Prime Venture, taking the total amount raised to more than $14 million. The funding will be used to expand its product suite, expand to tier II and III towns, and in product development, team expansion and increasing its presence in tier I cities.

Founded in 2015 by Vinay Bagri and Virender Bisht, NiYO was launched as a pilot in July 2016. It is used by 1,07,000 salaried employees in 500 corporate organisations through the start-up’s partnerships with YES Bank and DCB Bank.

“There are 75 million salaried employees in India who can benefit through a simple, one-stop payroll and benefits solution which can increase their take-home salaries and simplify financial/tax planning and other banking needs, and at the same time provide a transparent, compliant and efficient process for employers,” said CEO Bagri. “This area has seen very little innovation, with banks hardly providing any differentiation to customers. This is where NiYO steps in — corporates incur zero cost on storage and save 40 per cent in manpower cost.”

NiYO comprises a corporate portal for salary disbursal, payroll card to receive salary and spend on ATM/POS/online, and a mobile app to track transactions and do basic banking functions such as fund transfers.

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