N

niyo-(niyo-solutions-inc.)

lightning_bolt Market Research

NiYO - Comprehensive Analysis Report



Summary


NiYO (Niyo Solutions Inc.) is an Indian fintech company established in 2015 by Vinay Bagri and Virender Bisht. It is dedicated to transforming the banking experience through digital solutions, particularly in the realm of travel and cross-border finance. The company's core mission is to make banking simpler, smarter, and safer for over 6 million users, with a strong focus on salaried employees, international travelers, students, and global professionals in India. NiYO plays a significant role in the neobanking sector, aiming to deliver a seamless, borderless banking experience built on digital innovation and strategic collaborations with regulated banks.

1. Strategic Focus & Objectives


Core Objectives


NiYO's primary objectives are centered on simplifying the banking experience and addressing the nuanced financial needs of individuals, especially when engaging in international travel and requiring cross-border payment solutions. The company aims to expand its global and mass banking operations through continuous digital innovation and forming strategic partnerships.

Specialization Areas


NiYO specializes in offering financial products that provide significant benefits for users, including zero-forex markup cards, international money transfer services, and a unique reward program called Niyo Coins. Furthermore, the company provides comprehensive wealth management tools, featuring an in-built robo-advisory service for investments in mutual funds, stocks, and goal-based financial planning. NiYO distinguishes itself by building innovative digital banking experiences as an overlay on top of regulated banking infrastructures through technology integration and co-branding partnerships.

Target Markets


NiYO targets several key market segments:
  • Indian outbound international travelers: Providing solutions specifically designed for their travel banking needs.

  • Blue-collar workers: Offering tailored banking services to this segment.

  • Mass and affluent banking segments within India: Catering to a broad spectrum of domestic banking requirements.


2. Financial Overview


Funding History


NiYO has successfully raised a total of $179 million across 7 funding rounds. The company's largest funding infusion came from a Series C round in February 2022, securing $100 million. This round was led by prominent investors such as Accel and Lightrock India, alongside others.

Key Investors:
  • Accel

  • Lightrock India

  • Horizons Ventures

  • Tencent

  • Prime Venture Partners

  • Multiples

  • JS Capital

  • Social Capital

  • Beams Fintech Fund

  • Spring Marketing Capital (strategic investment)


Recent Funding:
  • In October 2023, NiYO received a strategic investment from Spring Marketing Capital. This investment is specifically aimed at bolstering the company's marketing and branding efforts, especially within the travel banking sector.


Financial Performance (FY25):
  • Operating Revenue: Increased by 32% to INR 123.4 Crore in FY25, up from INR 93.8 Crore in FY24.

  • Net Loss Reduction: Significantly reduced net loss by approximately 55%, bringing it down to INR 77.8 Crore in FY25 from INR 143.5 Crore in FY24. This indicates a positive trajectory towards profitability and improved financial efficiency.


3. Product Pipeline


Key Products/Services


NiYO continuously expands its product offerings, striving to create an comprehensive travel and financial solutions platform.

  • Niyo Global Card:

  • Description: Flagship debit and credit cards designed for international spending.

  • Key Features: Offers zero forex markup, simplifying travel banking for Indian passport holders.

  • Development Stage: Actively enhanced and marketed.

  • Target Market: Indian outbound international travelers.


  • NiyoX:

  • Description: A digital banking application.

  • Key Features: Integrates personal banking and investment services for a unified financial experience.

  • Development Stage: Ongoing development and feature enhancements.

  • Target Market: General mass and affluent banking segments.


  • NiyoMoney:

  • Description: A dedicated wealth management platform.

  • Key Features: Includes an in-built robo-advisory for investments in mutual funds, stocks, and goal-based financial planning.

  • Development Stage: Continuous development.

  • Target Market: Individuals seeking investment and wealth management solutions.


  • Niyo Bharat:

  • Description: A specialized platform for blue-collar workers.

  • Key Features: Offers pre-paid salary cards and essential banking services.

  • Development Stage: Established offering.

  • Target Market: Blue-collar workforce.


  • Niyo Forex (Kanji Forex):

  • Description: Provides forex buy/sell and related services.

  • Key Features: Bolstered by the acquisition of Kanji Forex in August 2024.

  • Development Stage: Integrated and expanding.

  • Target Market: International travelers and individuals requiring currency exchange services.


New Initiatives and Expanded Services:
  • Venturing into flight booking and visa application services via the NiYO app.

  • Offering hotel bookings and forex cash services.

  • Exploring the launch of Demat account facilities for equity trading.

  • Developing loan facilities in collaboration with partner banks.

  • Introducing new credit card facilities for various customer segments.


4. Technology & Innovation


Technology Stack


NiYO leverages a scalable, tech-driven approach to its digital banking offerings. The company's core technology initiatives focus on enhancing user experience and security.

  • Core Platforms and Technologies: NiYO has built robust digital banking experiences on top of regulated banking infrastructures. This implies strong capabilities in API integration and developing user-friendly digital interfaces.

  • Proprietary Developments: Focus on enhancing UI for better analytical summaries on the home page and adding new language options, such as Tamil. Prioritizes secure payment infrastructure to strengthen user experience.

  • Scientific Methodologies: Employs effective algorithms for in-built robo-advisory services within NiyoMoney for smart investments.

  • Technical Capabilities: Demonstrates strong command over building scalable solutions that integrate seamlessly with traditional banking systems, ensuring a secure and efficient digital banking environment.


5. Leadership & Management


Executive Team



  • Vinay Bagri

  • Position: Co-founder & CEO

  • Professional Background: Over 18 years of experience in business strategy, holding leadership roles in unsecured lending, retail liabilities, corporate salary, and retail banking strategy at institutions like Kotak Mahindra Bank (Business Head), Standard Chartered, and ICICI Bank. Holds a Master's degree specializing in International Business from IIM Calcutta.

  • Key Contributions: Instrumental in building and executing high-level growth strategies, forging strategic partnerships, managing market dominance, and driving innovation. Played a crucial role in establishing the business foundation, culture, and talent acquisition for NiYO.



  • Virender Bisht

  • Position: Co-founder & CTO

  • Professional Background: 16 years of experience in creating world-class software products, with senior technology executive roles at MobiKwik, MakeMyTrip, StudyPlaces.com, Exponential Inc., GE Medical Systems, and Tata Consultancy Services.

  • Key Contributions: A hands-on technologist known for building scalable solutions in e-commerce and payments. Leads and builds high-performance teams and was crucial in navigating technical challenges, particularly during early bank integrations for NiYO.



  • Sai Sankar M

  • Position: Chief Business Officer for Global Banking (promoted November 2023)

  • Professional Background: Veteran leader at NiYO since 2016 with nearly two decades of banking experience.

  • Key Contributions: Instrumental in enhancing Niyo Global, which currently serves 1.5 million customers.



  • Tushar Verma

  • Position: Chief Business Officer for Mass & Affluent Banking (promoted November 2023)

  • Professional Background: Seasoned banker with over two decades of experience, including over five years with NiYO.

  • Key Contributions: Played a crucial role in building NiyoX, the mass and affluent banking business, which currently serves over 4 million customers.



  • Mrigank Shekhar

  • Position: Chief Product Officer (promoted November 2023)

  • Professional Background: Four-year veteran at NiYO.

  • Key Contributions: Shapes the development of innovative product solutions and contributes to NiYO's distinct position in the industry.



  • Amit Talwar

  • Position: CEO, NiYO's forex division (appointed August 2024)

  • Professional Background: Appointed following the acquisition of Kanji Forex.


Recent Leadership Changes


In November 2023, NiYO announced key leadership elevations: Sai Sankar M was appointed Chief Business Officer for Global Banking, Tushar Verma became Chief Business Officer for Mass & Affluent Banking, and Mrigank Shekhar was promoted to Chief Product Officer. These appointments reinforce the company's commitment to strategic expansion and product innovation. In April 2025, Swapnil Bhaskar, the Chief Strategy Officer, is set to depart to join a US-based wealthtech firm. His responsibilities will be temporarily managed by the founders while a replacement is sought. In August 2024, Amit Talwar was appointed as the CEO of NiYO's forex division, following the acquisition of Kanji Forex.

6. Talent and Growth Indicators


Hiring Trends and Workforce


As of January 2026, NiYO Solutions Inc. is actively recruiting, with 8 open positions listed. Key roles include IT Support, SDET (Software Development Engineer in Test), Associate Product Manager, Product Analyst, Product Manager, Intern - Product Management, and Associate Product Manager - Customer Excellence.

  • Company Size: The company had an employee count of 598 as of October 31, 2024, showing a growth of 1.53% in the preceding 90 days.

  • Customer Growth: NiYO claims to serve over 6 million users, with an average daily addition of 10,000 new users, indicating robust customer acquisition.

  • Employee Sentiment: The company's Glassdoor rating stands at 3.30 based on 160 reviews.

  • Culture Insights: NiYO operates with a 100% remote work policy and offers attractive benefits such as generous holidays, pension schemes, and stock options, aiming to foster an innovative and passionate work environment.


7. Social Media Presence and Engagement


Digital Footprint


NiYO maintains an active social media presence across platforms including Twitter/X, Facebook, LinkedIn, and YouTube.

  • Brand Messaging: The company leverages social media for marketing and branding, primarily positioning the Niyo Global card as an essential travel companion for Indian passport holders.

  • Community Engagement: Employs targeted campaigns like "Go Global with Niyo Global" that have resonated during major events such as IPL, Wimbledon, French Open, and the US Open.

  • Campaign Strategies: Social media strategy involves segmenting campaigns around themes like "Study Abroad" and "Forex Markup," utilizing performance marketing across Google, Meta, and affiliate channels. Creative campaigns, such as the "Zero Hero" video series, are used to highlight key benefits like zero forex fees.

  • Follower Engagement: Focuses on engaging followers through tweet-based ads and remarketing strategies with personalized communication to drive conversions.






8. Recognition and Awards


Industry Recognition


NiYO's strategic collaborations, innovative product offerings, and customer growth highlight its position in the fintech landscape. While specific awards and accolades are not detailed, the substantial funding rounds and growing user base are indicative of strong industry confidence and recognition. The company's focus on compliance, underwriting quality, and capital efficiency in a growing market positions it favorably for future recognition.

9. Competitive Analysis


Major Competitors


NiYO operates in a dynamic and competitive Indian fintech market. Key competitors include:

  • Revolut:

  • Company Overview: UK-based fintech providing online banking with multi-currency accounts, international transfers, budgeting tools, and cryptocurrency trading.

  • Focus Areas: Versatile banking services, international finance.

  • Technological Capabilities: Advanced digital banking platform.

  • Notable Achievements: Global expansion and diverse service portfolio.

  • Competitive Positioning: Global neobanking leader with a broad range of features.


  • Fi:

  • Company Overview: An online wealth management platform.

  • Focus Areas: Digital banking, personal finance, wealth management.

  • Competitive Positioning: Aims to simplify banking and provide intelligent insights.


  • slice:

  • Company Overview: Also an online wealth management platform.

  • Focus Areas: Financial services for millennials, credit solutions.

  • Competitive Positioning: Focuses on offering credit products and payment solutions.


  • Jupiter:

  • Company Overview: Provides digital banking services.

Focus Areas: Neobanking, personal finance.
  • Competitive Positioning: Offers a full-stack digital banking experience.


  • Rapipay:

  • Company Overview: Focuses on digital payments and banking solutions.

  • Focus Areas: Agent-assisted banking, remittances.

  • Competitive Positioning: Strong presence in rural and semi-urban areas for financial inclusion.


  • Avail Finance:

  • Company Overview: Involved in financial services.

  • Focus Areas: Credit, savings, and investment products for the underserved.

  • Competitive Positioning: Targets specific segments with tailored financial products.


  • Zeta:

  • Company Overview: A venture capital-backed company in other financial services.

  • Focus Areas: Digital payments, credit, and employee benefits.

  • Competitive Positioning: Provides a modern platform for digital payments and financial services infrastructure.


10. Market Analysis


Market Overview


India's fintech industry is experiencing robust growth, with an estimated market opportunity of $1.3 trillion by 2025. Projections indicate the sector could reach $1 trillion in Assets Under Management (AUM) and $200 billion in revenue by 2030. In 2025, the sector attracted approximately $2.5 billion in funding across 120 deals, making it the top-funded sector in India despite an overall decline in startup funding.

  • Growth Potential: Driven by increasing digitization, evolving customer preferences, and supportive investor and regulatory environments.

  • Key Market Trends: A notable shift towards sustainable, profitable growth, with increased scrutiny on underwriting quality, regulatory compliance, and capital efficiency.

  • Neobanking Impact: The neobanking segment, where NiYO is a key player, is actively disrupting traditional banking paradigms.

  • Demographic Shift: India's outbound travel landscape witnessed a significant change in 2025, with millennials and Gen Z accounting for nine out of ten international trips. This demographic is a crucial target for travel-banking fintech platforms like NiYO.

  • Market Challenges and Opportunities: While competition intensifies, the vast untapped market and growing demand for digital, borderless financial services present significant opportunities for players like NiYO to innovate and expand.


11. Strategic Partnerships


NiYO's operational model is heavily dependent on strategic collaborations with regulated banks to deliver its digital banking services.

  • Banking Partners: NiYO provides digital banking services in partnership with DCB Bank, Equitas Small Finance Bank, and SBM Bank (India). These partnerships are crucial for leveraging existing banking infrastructure while delivering innovative products.

  • Spring Marketing Capital: A strategic investment from Spring Marketing Capital in October 2023 not only provided funding but also involves collaboration on brand strategy, partnerships, and campaigns to boost its travel banking sector. Spring Marketing Capital previously partnered with NiYO for the "Go Global with Niyo Global" campaign.

  • Vodafone Idea: Previous partnerships with entities like Vodafone Idea aimed at broadening its customer base and improving service accessibility.

  • CleverTap: A partnership with CleverTap underscores NiYO's commitment to personalized, real-time customer engagement and optimizing user experience.

  • IDFC First Bank: NiYO has also had a promising partnership with IDFC First Bank, further expanding its reach and service offerings.


These collaborations are fundamental to NiYO's ability to offer world-class digital products and advance financial inclusion across various segments.

12. Operational Insights


NiYO operates in a dynamic and rapidly evolving fintech landscape in India.

  • Current Market Position: Positions itself as a leading neobanking platform in India, particularly strong in the travel banking segment with its Niyo Global Card. Its strategic partnerships with regulated banks are a core operational advantage.

  • Competitive
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