Niyo
“Can a consumer neobank become the default financial OS for Indians travelling abroad?”
Founded2015
HQBengaluru, India
FoundersVinay Bagri, Virender Bisht
Total raised~$150M
Latest roundSeries C, 2022
IndustryFintech / Neobank
The story
Founded 2015 as a consumer neobank in India offering digital savings accounts to salaried users in partnership with Indian banks (Equitas, DCB, SBM). After raising $100M Series C in 2022 with plans to expand into lending and insurance, Niyo doubled down on its travel-banking niche — Zero Forex debit/credit cards, currency exchange, remittances, eSIM, flights, hotels, visa, insurance. In September 2025 it discontinued its own UPI product (Niyo Pay UPI), signalling a strategic narrowing to outbound-travel financial services rather than competing in domestic payments.
Product timeline
2015
Niyo (Finnew Solutions Private Limited) founded by Vinay Bagri and Virender Bisht in Bengaluru.· founding
2022
Raised $100M Series C led by Accel and Lightrock India; user base crossed 4M.· funding
2025
Discontinued Niyo Pay UPI on 15 September 2025; refocused on travel banking, forex cards, credit cards, and savings.· pivot
The stack
Payments / PSP
Lending
Sponsor bank
Equitas Small Finance Bank; DCB Bank; SBM Bank India
FX & payouts
Accounting gap: none