Niyo raises $30Mn from PE firm Multiples

Multiples Alternate Asset Management has invested $30 million in neobanking platform Niyo to expand the startup’s product capabilities and increase the customer base through organic and inorganic opportunities.

Niyo offers digital savings accounts, wealth management services including mutual fund investments, prepaid cards and other services in partnership with banks including SBM Bank, Equitas Small Finance Bank, DCB Bank, Yes Bank and ICICI Bank.

Niyo Chief Technical Officer and Co-founder Virender Bisht said, “With this fundraise, our focus is on enhancing product development, improving our product suite to have more consumer-focused products like credit cards, remittances, loans, etc. Our foray into new product categories will help us leverage the massive tailwinds for digital financial products the market is seeing today.”

After this fundraise, Niyo’s valuation reportedly stands at over $500 million. The proceeds will also be used for brand building and boosting team strength across functions. Niyo serves around 4 million customers across its banking and wealth management products with over 10,000 new users added daily to its platform.

Multiples Managing Director Nithya Easwaran said, “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.”