Bangalore-headquartered digital banking provider NiYo Solutions announced Wednesday in a press release that it has raised USD 35 million in a Series B funding round led by Chinese tech giant Tencent and Horizons Ventures.
JS Capital, which joined the startup’s USD 14 million Series A round, also participated in this round.
NiYo Solutions, founded in 2015, offers blue-collar workers with a salary account inside an app, which brings tax-compliant payroll and benefits processing and streamlines expenditure planning. The account also allows its holder to get 50% of his/her salary in advance at zero interest and have accesses to various wealth management tools.
NiYO claims in the press release that it is now serving around 1 million users in India and predicts that it can serve 5 million users in next 3 years.
The Chinese internet giant Tencent also backs India’s most valuable startups, Flipkart and Ola.