Multiples Alternate Asset Management (MAAM) has invested $30 million in Niyo fintech platform. Avendus Capital was the exclusive financial advisor on the transaction.
Niyo will utilise the funds to expand product capabilities and increase the customer base through organic and inorganic opportunities. It will also use the proceeds for brand building and bolstering team strength across functions.
Speaking on this investment, Nithya Easwaran, MD, MAAM, said that India has 750 million smartphone users, which are expected to grow to 1 billion over the next three to four years. “Fintech platforms in symbiotic collaboration with traditional financial institutions can construct and deliver embedded sachet products digitally in a highly cost-effective manner, thereby driving financial inclusion. Niyo has reached customers in 16,000+ pin codes which cover 80% of the pin codes in India,” she added.
Vinay Bagri, CEO and Co-founder of Niyo, hopes to leverage MAAM’s deep expertise and relationships in the Indian financial services domain as the fintech expands its consumer financial services platform capabilities. Virender Bisht, CTO and Co-founder, Niyo, added, “With this fund raise, 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.”
Founded in 2015 by Vinay and Virender, Niyo offers digital savings accounts and other banking services in partnership with banks. It claims to serve around 4 million customers across its banking and wealth management products, with over 10,000 new users added daily to its platform. It also declared that it processes transactions worth over $ 3 billion.