20 Things You Didn’t Know about Niyo
Niyo was established in 2015 by Vinay Bagri and Virender Bisht. As a team, they envisioned an easier, more cost effective way for people to bank. In order to do this, Bagri an Bisht put their best foot forward, each taking the skills they carried and molded into one successful neo-banking service. Bagri brought his extensive banking experience to the table, while Bisht handled the tech side of things. According to their site, “We take a holistic approach to developing a well-rounded team, and value not only expertise, but also perspective, discipline and bias for action.” The more you know about Niyo, the more attractive the company becomes. While currently available to the people of India, you’ll learn much from its methodology. From the very beginning Bagri and Bisht decided to put their heads together an use their own specific talents to craft this company. The resulting products, all designed to make banking in India easier and more transparent were well-received by their customers. viewing the process and execution of such a partnership can teach those in business much, so here are 20 things you may not have known about Niyo.
1. Niyo Increases Salaries, Bonuses and ESOPs to Improve Morale
In 2020 Niyo made the decision to boost Employee morale by increasing employee salaries and bonuses. There’s no doubt about it, studies show that good morale actually improves employee performance, lowers the probability of on the job accidents, and relieves stress. Niyo decided to raise employee pay 10 to 12 percent, as well as better bonuses and employee tock ownership opportunities. Niyo co-founder and CTO Virender Bisht stated, “We strongly believe that if employees have a feeling of ownership, they can make a significant contribution to our vision of providing great customer value and experience.”
2. Rather Than Shutting Down During the Pandemic, Niyo Took Advantage of It
2021 was the year Niyo doubled its product and tech departments. This was unusual for the time, as most fintech firms were actually laying people off. Niyo believed that it was important to take advantage of the lockdown by utilizing this time to center its resources on digital finance. Niyo also devoted time and energy to investing in product development. By doing so, Niyo snapped back, healthier than ever in the post-pandemic world.
3. Niyo Acquires Goalwise
Niyo Took Advantage of the Lockdown to Center on Mergers and Acquisitions. One of those acquisitions was Goalwise. Goalwise is a new age platform for those interested in investing in mutual funds. Niyo plans to launch Goalwise while letting the founders of the company continue to run it. Goalwise was acquired to fulfill a need at Niyo. That was the need to add wealth management tools to their product line. By this acquisition, Niyo was able to consolidate both basic money management as well as wealth management. Again, their eye was on the customer, and making sure their products offer them the best in convenience and service.
4. NiyoX is a Neo-Banking Operation
NiyoX is Niyo’s neo-banking operation. Neo-banking refers to banking entirely online with no brick and mortar building, whereas digital banking is banking is banking connected to a banking firm with a brick and mortar branches. NiyoX teamed up with VISA and Equitas Small Finance Bank. Through NiyoX, Niyo hopes to bring banking into the new age as well as simplifying it.
5. Niyo One of the Fastest Growing Neo-Banks in India
Niyo has decided to use the funds generated to help build its neo-banking services in India via NiyoX. NiyoX is doing quite well for itself with well over 10,000 users and counting. According to Vinay Bagri, Co-founder and CEO of Niyo Solutions, “We have always strived to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. We are excited to partner with Accel, Lightrock, and Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being.”
6. Niyo was Beams Fintech Fund’s First Investment
Beams is India’s first fintech fund. What does Niyo gain from this? Niyo gains much, including access to Beams NBFCs, advisors, banks, insurance companies and more. According to Sagar Agarvwal of Beams Fintech Fund stated, Sagar Agarvwal, Co-founder and Partner, Beams Fintech Fund said, “We are excited about the potential of Niyo to transform the banking experience for millions of users in India. Niyo’s tech stack is highly regarded by all its banking partners and its products are well appreciated by its consumers. We are delighted to partner with Vinay and Virender to create Niyo as the most successful consumer focused neo-banks in India.”
7. A Secret of Niyo’s Success is Due in Part to Partnerships
According to Virener Bisht, Co-founder and CTO of Niyo, partnerships have been a major part of Niyo since the beginning, in 2015. “In India we don’t actually have a digital banking license as yet, therefore a partnership is the way to go in India.” Bisht goes on to further state that partnerships work well due to the huge diversity in their customer pool. Each bank brand deals with their own demographics, so by partnering with the various banks Niyo is better able to reach each group of customers.
8. Niyo Money Allows You to Invest in Mutual Funds for Free
When you invest in mutual funds via their Niyo Money product, you’ll be able to “Import, Track and Act” on your portfolio, all from the Niyo Money app. Know that you aren’t restricted to local mutual funds, stocks or EFTS, as you can also invest globally. Also known as their Wealth Management app, it’s performance is based on its integrated Robo-Advisory feature. In 2020 Product Manager Medhavi Chandra introduced a new feature where you can import your mutual funds, online or off, to their Niyo Wealth app.
9. Niyo Raised 100 Million in US Dollars in Series C Funding
The Series C Funding investors included Accel and Lightrock India, Beams Fintech, Prime Venture Partners, and JS Capital. Niyo currently serves around 4 million customers in India. They plan to use the funds to improve their products and hope to reach 30 million customers over time. Vinay Bagri is often described as the visionary of Niyo, and stated, “We have always strived to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. We are excited to partner with Accel, Lightrock & Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being.”
10. The Success of Niyo’s Neo-Banking Service Revolves Around Elimination of Costly Infrastructure
In general, neo-banking is able to give customers more bang for their buck by eliminating unnecessary infrastructure. For instance, standard banking depended on construction of a building and staffed by people. Buildings need maintenance, and people need to be paid. When you move toward neo-banking, there are no branches to maintain, and so on. As a result, the savings are passed along to the consumer.
11. Niyo Offers a Forex Card for Students
Today, more than ever many students are choosing to study abroad. As such, they’ll require a secure and safe way to handle money. Niyo knows this, and came up with a student card which is designed to handle these needs. When compared to old-fashioned, out-of-date methods of money handling while traveling such as, carrying cash, travellers cheques, and fee-ridden international debit/credit cards, it’s easy to see why Indian students often choose Niyo as a student card.
12. In 2021 Niyo Acquired Index
In 2021, Niyo acquired the personal finance startup, Index. Index was a valuable acquisition for Niyo as they specialized in providing personal finance tools, known as personal money tracking tools. Niyo saw these tools as advantageous, so proceeded to integrate them into their products. Vinayu Bagri stated, “The aggregation and analytical capabilities of Index will help expand NiyoX’s functionality to equip users with the valuable insights they need to meet their financial goals.”
13. Niyo Doesn’t Have a Banking License
Niyo doesn’t have a banking license, so how do they do it? How are they able to transform banking in India? The answer is simple: They team up with some of the best banks in India, who help to deliver the product to the consumer. According to Virender Bisht, “Niyo is known for its customer centric approach and providing value to our customers. Our apps are rated 4.5 and 4.7 in app stores”.
14. Niyo Digitizes Payroll
While it might not sound sexy, Niyo’s decision to digitize payroll rains down benefits galore for users. Here, employees take-home salary is given a 10 percent bump via tax exempt benefits. Another benefit involves using this system to purchase items without a credit card. In other words, employees can use their employment if they don’t have a credit history. In fact, Vinay Bagri stated that through digitizing payroll, 40 percent of Niyo’s over 100,000 customers from around 500 customers never owned a card in their lives. By using their system, these people can now use this product as a card.
15. Co-Founder Vinay Bagri Is Responsible for Niyo’s Successful Growth Strategy
Considered a master of blending banking with technology, Vinay excels when it comes to blending financial services, customer service and technology. For instance, when it comes to neo-banking, his idea was to concentrate on the needs of millennials above all other demographics. The high-level growth strategy he developed ensured and continues to ensure market dominance for Niyo.
16. Niyo’s Inception was Based on a Simple Pretext
When you look at how large Niyo is, it’s hard to believe that this company began in 2015. Today, it’s one of the largest fintech companies in India. But what was the idea that started it all? Niyo began with the idea of simply turning banking from an often confusing operation for the customer, to a simpler one. Not only that, but their tax savings solution helped people increase their take home pay as well. Anand Daniel of Accel, one of Niyo’s investors and partners, stated that, “we are excited to back the fastest growing neo-bank in India, Niyo. Vinay, Viren and team have built a fantastic product with a clear value prop for customers which is reflected in their phenomenal growth. We look forward to partnering with Niyo in changing the way India banks.”
17. Niyo Changed the Way that India Banks
When we say that “Niyo changed the way that India banks”, that’s not just some parroting of a PR slogan. Niyo actually did initiate the way that India is looking at banking. With products such as NiyoX, Niyo Money, Niyo Global, Niyo Bharat, NiyoX Digital SA, Niyo Students Card, and Niyo Salary Account, Niyo has pioneered a way to make banking more accessible and easier for the country of India. According to Vinay Bagri “We have always strived to offer tangible value and a delightful experience to our customers. In the process, we are transforming the way India banks. We are excited to partner with Accel, Lightrock & Beams on our journey as we look to accelerate the mission of taking pathbreaking digital banking products to millions of users in India and positively impact their financial well-being.”
18. Niyo Global Allows users to Save Locally While Spending Globally
Niyo’s products are specifically geared to the needs of the people of India. The Niyo Global account is made for customers who are frequent travelers and is considered to be one of the most secure cards in the world. Here, the account is powered by SBM bank, and ensures that you can use your money wherever you go. From U.S. Dollars to the British pound, your global account will ensure that your finances are safe and usable in over 150 countries and always gaining 5 percent interest as you go.
19. Niyo is Central to the Concept and Success of Neo Banking
Niyo is at the forefront of banking technology, and with the introduction of neo-banking has raised the bar for carefree banking in India. Aimed specifically at millennials, this carefully crafted product developed by Niyo has met with a tremendous positive response. So much so, that Niyo plans to use their funds to continually make improvements which cater to their customer base. Indeed, according to Bisht, “Launched less than a year ago, our first-of-a-kind product offering“NiyoX” is democratizing the superior digital banking experience for users and has witnessed tremendous user adoption. With this raise, we aim to expand the product suite for our customers and meet their growing expectations.”
20. NiyoX is Considered a 2-in-1 Account
NiyoX is considered a 2-in-1 account. While this may confuse those new to NiyoX, it really shouldn’t. In it’s effort to make banking easier and more accessible, Niyo created NiyoX. In order to do so, Niyo needed to strike up a partnership with a bank. They selected Equitas Small Finance Bank. This way, Niyo could offer their customers a savings account. However, Niyo’s Zero Commission Mutual Fund product required something different: Niyo Money. So, in the end customers have both a savings account and a place for mutual funds, in other words a 2-in-1 account.
Final Thoughts
With neo-banking becoming part of our future financial system, it helps to learn the story of Niyo and its creators. The convenience, security and money saving and wealth building elements of their products are definitely the wave of the future. Consequently, by studying the philosophies and business practices they employ, we can get a good idea of just what it takes to run an efficient company of this size with a minimal amount of effort. In fact, according to Yahoo Finance, the concept of world wide neo-banking will only continue to grow at an alarming rate. It’s definitely a trend to keep track of.
