Financial technology start-up NiYO has reportedly raised $13.2 million from a Series A funding round to expand its services` reach across the Indian market.
Financial technology start-up NiYO has reportedly raised $13.2 million to expand its services` reach across India.
The Indian company`s goal is to help employees access the benefits systems of their companies, as well as the possibility to use other financial services.
NiYO collaborates with employers and banks to be able to offer access to benefits like healthcare and food allowances. Specifically, the offering consists of a mobile app for submitting claims and the opportunity for a credit card.
However, the start-up also offers a range of other services stretching beyond payroll and allowances. For example, they have features including insurance, investment, personal credit lines and credit cards, according to Tech Crunch.
Speaking to the publication, CEO and co-founder Vinay Bagri, commented:
“The addressable market is close to 75 million salaried employees in India, but out of those people only around 20 million have access to a credit card.”
He added that the company`s product can increase this number. Besides, Bagri emphasized that the start-up`s service is currently used by over 100,000 salaried employees from more than 500 companies. According to his estimates, around 40 percent never had a credit card before.
NiYO is now foreseeing an expansion beyond the big Indian cities thanks to its newly received finding from the Series A round, which was financially supported by US firm Social Capital, JS Capital, and Hong Kong`s Horizons Ventures.