Niyo raises strategic investment from Spring Marketing Capital

New Delhi: Niyo, a digital and travel banking fintech, has received strategic investment from Spring Marketing Capital, the Bengaluru-based company said in a statement on Friday.

Last year, Spring Marketing partnered with Niyo, and launched the ‘Go Global with Niyo Global’ campaign. The campaign witnessed significant traction across key properties like IPL, Wimbledon, French Open, US Open, among others.

As part of the strategic investment, Spring Marketing Capital will contribute to Niyo’s efforts in growing the travel banking sector by aiding overall brand strategy, partnerships and campaigns.

Niyo co-founder and CEO Vinay Bagri said, “We are delighted to welcome Spring Marketing Capital as a strategic investor to propel our marketing and branding endeavours. 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.”

Spring Marketing Capital is led by Raja Ganapathy, Arun Iyer, and Vineet Gupta, who come with investing and brand-building experience. The portfolio includes brands like Purplle, Jar, Leverage Edu, Mosaic Wellness, Juicy Chemistry and Dezy.

Founded in 2015, Niyo has two lines of business – global banking and mass banking. It offers these digital banking services in partnership with DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius. Currently, Niyo cliams to have a customer base of 4 million. In 2022, the fintech raised $130 million in Series-C round led by Accel, Lightrock, and Multiples. Its other investors include Prime Venture Partners, Horizons Ventures, Tencent, JS Capital, Social Capital, and Beams Fintech Fund.

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Updated: 20 Oct 2023, 11:56 AM IST