“Can a neobank that lost its UPI rails survive by becoming India's default zero-forex travel-finance platform?”
Founded 2015 as Finnew Solutions, Niyo started as a salary-account neobank for blue-collar and salaried workers in India. The Niyo Global zero-forex card (with SBM Bank) became its breakout product, repositioning the company toward international travellers. After raising $100M Series C in 2022 to push into lending and insurance, the company appears to have narrowed focus to travel/forex (cards, remittance, eSIM, flights, hotels) — discontinuing Niyo Pay UPI in 2025 and now branded primarily as a travel-finance platform.
Niyo discloses SBM Bank India (sponsor), DCB Bank (sponsor) and Equitas Small Finance Bank (sponsor) as its banking providers, with SBM Bank (India) Limited, DCB Bank Limited and Equitas Small Finance Bank as its sponsor banks, according to the Embedded Finance Index 2026.
Niyo does not disclose a bank charter of its own; its banking services are provided through SBM Bank (India) Limited, DCB Bank Limited and Equitas Small Finance Bank.
Niyo processes payments through Third-party UPI apps (post-Sept 2025). Disclosed money-movement rails: UPI.
Niyo's cards are issued through SBM Bank India (sponsor issuer), DCB Bank (sponsor issuer) and Equitas Small Finance Bank (sponsor issuer) on the Visa network.
Niyo's lending and capital products are provided by Partner NBFCs / banks (unspecified).
Niyo uses Kanji Forex Private Limited (RBI AD-II) and Fairexpay for FX and cross-border payouts.
Niyo's investing and wealth products are powered by Niyo Money (in-house mutual funds platform).
The Embedded Finance Index 2026 maps 9 layers in Niyo's stack: Payments / PSP (Third-party UPI apps (post-Sept 2025)); Money movement (UPI); Banking / BaaS (SBM Bank India (sponsor), DCB Bank (sponsor) and Equitas Small Finance Bank (sponsor)); Card issuing (SBM Bank India (sponsor issuer), DCB Bank (sponsor issuer) and Equitas Small Finance Bank (sponsor issuer)); Card network (Visa); Lending (Partner NBFCs / banks (unspecified), Niyo Global Personal Loans and NiyoX Personal Loan); Sponsor bank (SBM Bank (India) Limited, DCB Bank Limited and Equitas Small Finance Bank); FX & payouts (Kanji Forex Private Limited (RBI AD-II) and Fairexpay); Investing (Niyo Money (in-house mutual funds platform)).
Niyo was founded by Vinay Bagri and Virender Bisht and is founded in 2015, headquartered in Bangalore, India.
Niyo has raised ~$150M in total (latest round: Series C, 2022).
Get a read on where your own stack stands against Niyo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.