Niyo
“Can a neobank that lost its UPI rails survive by becoming India's default zero-forex travel-finance platform?”
Founded2015
HQBangalore, India
FoundersVinay Bagri, Virender Bisht
Total raised~$150M
Latest roundSeries C, 2022
IndustryFintech / Neobank
The story
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.
Product timeline
2015
Founded as Finnew Solutions; launched salary account product for blue-collar employees· banking
2019
Series B funding round· banking
2020
Launched Niyo Global zero-forex card with SBM Bank India· card
2021
Launched NiyoX 2-in-1 savings + wealth account with Equitas Small Finance Bank· banking
2022
Raised $100M Series C led by Accel and Lightrock; surpassed 4M customers· banking
2025
Discontinued Niyo Pay UPI (Sept 15, 2025); pivoted further toward travel/forex products· pivot
Regulated entities
1
regulatory licence held by Niyo
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in Niyo’s embedded-finance stack
Payments / PSP
Third-party UPI apps (post-Sept 2025)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Investing
in the full report
Accounting gap: none
14 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.