Consumer neo-banking platform Niyo has raised $100 million in its Series C round of funding.
This round of funding was led by Accel and Lightrock India with participation from Beams Fintech Fund. Existing investors Prime Venture Partners, JS Capital are also participating in this round along with others.
“The company will be using the funds to accelerate its mission to transform banking in India, and to provide convenient and hassle-free financial services to digital native customers,” it said in a statement on Thursday. The company will utilise the funds for product innovation, marketing and branding, increasing its distribution footprint, and hiring top talent across functions.
It currently serves about 40 lakh customers across its banking and wealth management products with over 10,000 new users added daily to its platform. It is looking to provide comprehensive financial services to over 3 crore users through organic and inorganic expansion over time.