# Niyo

> Source: https://docs.barcoder.ai/docs/wallets/niyo
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Niyo — official](https://www.goniyo.com/)

## Overview

**Niyo** is **India's leading travel-and-global-spending-focused neobank**, with **~4 million customers + 10,000+ new users daily** <sup>[1][1], [2][2], [India report](https://docs.barcoder.ai/docs/payments/IN)</sup>. **Cumulative funding: $179M across 7 rounds**.

**Distinctive Niyo Global** <sup>[3][3]</sup>: Neobank product offered in partnership with **Equitas Small Finance Bank + DCB Bank** providing a **Visa Signature debit card with zero forex markup for international transactions** + **up to 7% interest on savings balance** — distinctive Indian-traveler-abroad positioning.

**February 2022 — $100M Series C** <sup>[3][3]</sup>: Led by **Accel + Lightrock India** with Beams Fintech Fund + Prime Venture Partners + JS Capital.

**Recent product expansion**: fully digital salary account; launching personal loan products + credit cards + integrated forex platform.

**Note on bank partnership exposure**: Niyo users have experienced impact from partner bank regulatory issues (e.g., SBM Bank India RBI radar) — distinctive neobank risk in IN where neobanks don't hold their own banking license <sup>[4][4]</sup>.

## History

**2015 — Niyo founded** <sup>[2][2]</sup> by **Vinay Bagri (CEO) + Virender Bisht (COO)**.

**2017-2021 — Mass IN adoption** <sup>[2][2]</sup>: 4M+ customers.

**February 2022 — $100M Series C (Accel + Lightrock India lead)** <sup>[3][3]</sup>.

**2022-2023 — SBM Bank partner issues** <sup>[4][4]</sup>: IN regulatory exposure to partner-bank-rails dependency.

**2024-2025 — Recovery + product expansion**: salary account + personal loans + credit cards + integrated forex.

## Ownership & operator

**Operating entity**: **Finnew Solutions Private Limited** (Niyo).

**Co-founders**: **Vinay Bagri (CEO) + Virender Bisht (COO)**.

**Major investors**: **Accel** (Series C lead Feb 2022), **Lightrock India** (Series C lead), Beams Fintech Fund, Prime Venture Partners, JS Capital, Tencent (historical).

**Partner banks**: **Equitas Small Finance Bank + DCB Bank** (post-SBM transition).

**Regulator**: **RBI** + partner-bank-rails.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Niyo mobile app (iOS + Android) + Visa Signature debit card |
| **Identifiers** | Phone + email + card number |
| **IN rail** | **[UPI QR](https://docs.barcoder.ai/docs/standards/upi-qr)** (NPCI national A2A rail) |
| **Account model** | Neobank-fintech operating on partner-bank-rails (Equitas Small Finance Bank + DCB Bank; not own banking license) |
| **Distinctive** | Niyo Global Visa Signature debit card with zero forex markup + up to 7% interest on savings |
| **Sub-products** | Niyo banking + Niyo Global travel + salary account + personal loans + credit cards + integrated forex |

## Users & growth

**2025 baseline** <sup>[1][1]</sup>:
- **Customers**: ~4 million
- **Daily user additions**: 10,000+
- **Cumulative funding**: $179M across 7 rounds
- **Series C (Feb 2022)**: $100M (Accel + Lightrock India lead)

## Use cases

IN travel-and-global-spending neobank (Niyo Global Visa Signature with zero forex markup); UPI + Indian retail banking via partner-bank-rails; up-to-7%-interest savings; fully digital salary account; planned personal loans + credit cards + integrated forex.

## Implementations & partners

**Operator**: **Finnew Solutions Private Limited (Niyo)**.

**Co-founders**: Vinay Bagri (CEO), Virender Bisht (COO).

**Major investors**: Accel (Series C lead Feb 2022), Lightrock India (Series C lead), Beams Fintech Fund, Prime Venture Partners, JS Capital, Tencent (historical).

**Partner banks**: **Equitas Small Finance Bank + DCB Bank**.

**Major Indian neobank competitors**:
- **[Jupiter Money](https://docs.barcoder.ai/docs/wallets/jupiter-money)** (covered Batch 10; IN neobank Federal Bank partner)
- **[FamPay (FamApp by Trio)](https://docs.barcoder.ai/docs/wallets/fampay)** (covered Batch 10; teen-focused IN)
- **Fi Money** (IN salary-account neobank; Federal Bank partner)
- **InCred** (IN consumer lending + neobanking)
- **OneCard** (IN credit-card-led neobank)

**Regulator**: **RBI + partner-bank-rails**.

## Fun facts

- **2015 founding** by Vinay Bagri (CEO) + Virender Bisht (COO).
- **4M+ customers + 10,000+ new users daily**.
- **Distinctive Niyo Global Visa Signature**: zero forex markup for international transactions + up to 7% interest on savings.
- **Travel-and-global-spending positioning** — distinctive IN neobank vertical.
- **$179M cumulative funding** across 7 rounds; **$100M Series C (Feb 2022) Accel + Lightrock India lead**.
- **Partner banks Equitas Small Finance Bank + DCB Bank** (post-SBM transition).
- **Note**: Neobank risk from partner-bank-rails dependency — SBM Bank India RBI issues affected Niyo users in 2022-2023.

## Comparison

| Feature | Niyo | [Jupiter Money](https://docs.barcoder.ai/docs/wallets/jupiter-money) (IN neobank rival) | [FamPay (FamApp by Trio)](https://docs.barcoder.ai/docs/wallets/fampay) (IN teen-neobank) | Fi Money (IN salary-account rival) | [Revolut](https://docs.barcoder.ai/docs/wallets/revolut) (global travel-forex analogous) |
|---|---|---|---|---|---|
| Operator | **Finnew Solutions Private Limited / Niyo (Vinay Bagri CEO; Accel + Lightrock + Tencent backed)** | Jupiter Money (Federal Bank partner) | FamPay | Fi Money (Federal Bank partner) | Revolut Group |
| Type | **IN neobank with travel-and-global-spending focus** | IN neobank | IN teen-focused neobank | IN salary-account neobank | Global digital bank + travel multi-currency |
| Country | India | India | India | India | Global |
| Users | **4M+ + 10K daily new** | Major IN | Major IN teens | Major IN salaried | 50M+ |
| Distinctive | **Niyo Global Visa Signature zero forex markup + up to 7% savings + travel focus; partner banks Equitas + DCB** | Federal Bank partner; neobank-with-bank-rails | Teen + UPI-on-card focus | Federal Bank partner; salary-account vertical | Global multi-currency Borderless |

## Status

**Active, India's travel-and-global-spending-focused neobank** <sup>[1][1], [3][3]</sup>:
- **Finnew Solutions Private Limited (Niyo)** since 2015.
- **~4M customers + 10,000+ daily new users**.
- **Niyo Global Visa Signature zero forex markup** + up to 7% savings interest.
- **$179M cumulative funding + $100M Series C (Feb 2022) Accel + Lightrock India lead**.
- **Partner banks Equitas Small Finance Bank + DCB Bank**.
- **RBI + partner-bank-rails regulated**.

## Sources

[1]: https://techcrunch.com/2022/02/23/niyo-neobank-india/ "Niyo $100M + 4M customers — TechCrunch"
[2]: https://tracxn.com/d/companies/niyo/__y1Dg3H5KiZ_h3UA5nQz1dRA5mYjW32VfWYUP9Nc8z2k "Niyo — Tracxn"
[3]: https://www.fintechfutures.com/challenger-banks/indian-neobank-niyo-lands-100m-series-c-to-boost-product-development "Niyo $100M Series C — Fintech Futures"
[4]: https://inc42.com/buzz/neobank-niyo-users-bear-the-brunt-as-partner-sbm-bank-india-comes-under-rbi-radar/ "Niyo users SBM Bank RBI radar — Inc42"
[in-cro]: https://docs.barcoder.ai/docs/payments/IN

- [1] [Niyo $100M + 4M customers — TechCrunch][1]
- [2] [Niyo — Tracxn][2]
- [3] [Niyo $100M Series C — Fintech Futures][3]
- [4] [Niyo users SBM Bank RBI radar — Inc42][4]
- <sup>[India report](https://docs.barcoder.ai/docs/payments/IN)</sup> In-corpus: `reports/countries/IN-india.md`

## Source

Biography extracted from [niyo.md](https://docs.barcoder.ai/source/wallets/niyo). See `matrix.md` for standards-support matrix if present.