Fintech Startup NiYO Raises US$13.2Mn Series A To Reinvent Payroll
Bengaluru-based fintech startup, NiYO Solutions running under NiYO Solutions Inc., raised US $13.2 million (85 crore) in its Series A funding from investors including Social Capital, JS Capital LLC (the family office of Jonathan Soros), and Horizons Ventures and existing investor Prime Venture Partners.
This fintech start-up provides software to manage employee benefits and reimbursements as well as payroll.
The newly raised capital will be used to strengthen and expand its product suite, hire new talent and expand into tier 2 and tier 3 towns.
With this, the total fund raised by the startup in venture capital so far will reach $14 million. Earlier in July 2016, the startup had raised seed funding of undisclosed amount from Prime Ventures.
Fintech startup NiYO solutions was founded in 2015 by Vinay Bagri (ex-Kotak Mahindra) and Virender Bisht (ex-Mobikwik), NiYO provides expense cards with all HR functions integrated into it – including salary and benefits.
According to NiYO CEO Bagri, the addressable market for the company’s products is close to 75 million salaried employees in India. The product can also increase the take-home salaries and simplify financial planning and other banking needs for employees, he claims.
NiYO currently has around 500 corporate clients and 100,000 salaried employees. It aims to serve 5,000 organizations and over 1 million salaried employees by the end of 2018.
NiYO has tie-ups with YES Bank and DCB Bank to provide bank account services to the users. NiYO is a one-stop solution for all employee payouts; it’s solutions include salary accounts, meal cards, canteen solutions, corporate gift card, reimbursements account, international travel card and corporate credit cards.