Accel, Lightrock co-lead to write $100 mn cheque to neobanking platform Niyo

The round also saw participation from Beams Fintech Fund, with existing investors including Prime Venture Partners and JS Capital, among others.

The platform will be using the fundraise across marketing and branding, expand distribution footprint as well as onboarding more talents. It however did not disclose the valuation of the latest round, as the entire process was a primary share sale.

The company is also eyeing to roll out a slew of new products and plans 25% bet on technology to ramp up its existing items portfolio, Co-Founder and Chief Executive Officer, Vinay Bagri told VCCircle.

“We are building a lending stack, which includes credit cards, personal loans and buy-now-pay-later (BNPL) cards, and a major portion of the funding will go there. We are also launching a fully digital salary account,” said Bagri.

“Today a salary account is dependent on your employer and so most of the benefits are linked to which company…

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