Neobank Niyo Bags Funds From Spring Marketing Capital To Boost Travel Banking

Neaobank startup NiYO has secured a strategic investment from Spring Marketing Capital. However, the amount remains undisclosed.

This investment comes as Niyo Global aims to strengthen its position and pioneer the “travel banking” category in India through innovative products and marketing strategies.

Under the partnership, Spring Marketing Capital will contribute to the overall brand strategy, partnership initiatives, and marketing campaigns.

“Over the past few years, Niyo has made a significant difference in the lives of India’s urban millennials and outbound travellers, through its compelling product offerings. We’ve been able to create an impactful brand and with Spring joining forces with us, we’re excited to create a formidable brand with their strategic marketing innovations,” Vinay Bagri, cofounder and CEO of Niyo, said.

Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo wants to transform “travel banking” for Indians. It offers digital savings accounts and other banking services with other banks.

With two core business lines, Global banking, and Mass banking, Niyo’s flagship product, Niyo Global, delivers banking services and value for international travelers. Partnering with DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius, Niyo claims to serve over 4 Mn customers with digital banking solutions.

In its Series C funding round last year, Niyo secured $30 Mn from Accel, Lightrock, and others.

Founded by Raja Ganapathy, Arun Iyer and Vineet Gupta, Spring Marketing Capital closed its first round at INR 150 Cr and continues to invest in companies at the Series A level and beyond. It has invested in Purplle, Bewakoof, Juicy Chemistry, Smiles.ai and Mosiac Wellness.

Earlier this year, Godrej Consumer Products (GCPL) said it would invest INR 100 Cr to anchor the early stage fund Early Spring, set up by Spring Marketing Capital. Early Spring is slated to invest between INR 5 Cr and INR 20 Cr in startups between the seed and Pre-Series A stages.