India-based fintech developer Niyo Solutions has obtained $35m in a series B round backed by internet group Tencent, TechCrunch reported yesterday.
Horizons Ventures and JS Capital filled out the round, which brought Niyo’s total funding to $49.2m.
Niyo Solutions operates a mobile bank that relies on established financial institutions – Yes Bank and DCB Bank – to offer financial services to blue collar workers who may otherwise find it difficult to access products reserved for wealthier clients.
The platform enables workers to access their company’s benefits and Niyo also offers a commission-free global debit card, the latter product having attracted more than 50,000 users to date.
The series B round enables Niyo to drive a domestic expansion and explore overseas markets, as well as develop additional products and bolster its distribution and marketing efforts.
The company is also aiming to grow the number of users for its global travel card to more than 500,000 by April 2020, while boosting its overall customerbase from a current one million to five million within three years. It is considering acquisitions to drive this growth.
Social Capital, JS Capital and Horizons Ventures previously supplied $13.2m in series A financing in January 2018, investing alongside Prime Venture Partners, which had injected $1m in seed funding in 2016.
