Business-Fintech firm Niyo gets $35 m from Tencent, Horizon in 2nd round

Bengaluru-based fintech company Niyo has raised USD 35 million from Chinese tech major Tencent, Horizon Ventures and existing investor JS Capital in the second round of funding. The company, which had recently raised USD 14 million in the first round, said the fresh fund will be invested to accelerate business development, roll out new products, distribution and marketing, and to explore international expansion.

The company has a user base of 1 million at present and is targeting to take the same to 5 million in the next three years, it said in a statement Tuesday. Founded in 2015, it has two primary lines of business, which include a salary account for blue-collar workers and a global card aimed at international travellers.

"With this fresh round of funding we aim to fortify our service suite and further accelerate our growth," co-founder and chief executive Vinay Bagri said. "With this investment, we are doubling down on our mission to improve our customers' banking experiences and create value for all stakeholders," co-founder and chief technology officer Virender Bisht said.