NiYO Solutions Raises $13.2M in Series A Funding
Summary
NiYO Solutions Inc., a Bangalore, India-based fintech startup for salaried employees, raised $13.2m (85 crore) in Series A funding.The investment was made by Social Capital, JS Capital LLc (the family office of Jonathan Soros), and Horizons Ventures with participation by existing investor Prime Venture Partners.Founded in 2015 by Vinay Bagri and Virender Bisht, NiYO aims to increase cash flow for all salaried individuals by leveraging technology in areas of payroll & benefits.It features an integrated solution comprising of a Multi-Pocket Card, a Mobile App and a digital account with multiple wallets.Launched in July 2016 as a pilot in Bangalore, NiYO has already served more than 500 corporates and is being used by over 100,000 salaried employees in these organisations, through its partnerships with YES Bankand DCB Bank.