India’s NiYO ‘neo-bank’ raises $35 million to digitize payroll and employee benefits

TechCrunch | 7/9/2019 | Staff
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NiYo Solutions, a Bangalore-based ‘neo-bank’ that helps salaried employees access company benefits and other financial services, has raised $35 million in a new round to expand its business in the nation and explore international markets for some of its products.

The four-year-old startup, which serves small and medium businesses and other salaried employees across India, raised its Series B from Horizons Ventures, Tencent and existing investor JS Capital. It has raised $49.2 million to date, with its $13.2 million Series A closing in January last year.

NiYO - Solutions - Institutions - Yes - Bank

NiYO Solutions serves as a ‘neo-bank’ that relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers additional features such as lending and insurance to customers. Blue collared salaried employees in India continue to struggle to avail many crucial financial services that have been typically reserved for privileged segment by the banks. With Bharat Payroll Solution and other products, NiYO is trying to drive financial inclusion in the country, it said.

The startup also offers a global travel card with no mark up fee. Over 50,000 users have already signed up for the travel card, and NiYO...
(Excerpt) Read more at: TechCrunch
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