Niyo, India’s pioneering travel-banking fintech with a buyer base of about 1.5 million, has expanded into outward remittance to spice up its providing for Indian college students finding out overseas. This new providing is a testomony to our unwavering dedication to offering a easy, safe, and inexpensive means for college students and their households to switch cash worldwide, making the monetary elements of finding out overseas as stress-free as potential.
With Indian college students making up 25 % of Niyo’s whole buyer base, introducing this remittance service is a strategic transfer that aligns with the corporate’s concentrate on this high-growth section. Lately, the variety of Indian college students finding out overseas has surged, and the corporate goals to attain a market share of fifty% amongst this cohort by FY26 is a testomony to its optimism and perception within the potential of this market.
The remittance providing is tailor-made to fulfill pupil’s distinctive wants. It presents aggressive alternate charges and a completely digital expertise that enables for fast and simple transfers immediately from the Niyo app. By simplifying the method, Niyo permits college students to concentrate on their research somewhat than worrying about monetary logistics.
Talking concerning the growth, Vinay Bagri, Co-founder and CEO of Niyo, stated:
Now we have at all times been on the forefront of innovation in journey banking, and introducing our outward remittance service is a pure extension of our dedication to supporting Indian college students overseas. This service is not going to solely make worldwide cash transfers extra accessible but in addition reinforce our place as a trusted companion of their instructional journey.
Bagri added:
With the shopper on the coronary heart of the whole lot we do, Niyo’s product choices concentrate on delivering zero-cost options. From zero foreign exchange markup to zero comfort price on flight bookings, zero service price on visa purposes, zero fee on mutual funds, zero surcharge price on ATM withdrawals and nil platform price on remittances, Niyo units a brand new customary for comfort and worth addition.
Niyo’s outward remittance service enhances its present suite of choices, together with the zero-forex markup card, which has already helped lakhs of scholars save on foreign money alternate charges. With this complete method, the corporate is not only a participant, however the market chief of the stated section, instilling confidence within the prospects and traders.
Niyo, co-founded by banking veteran Vinay Bagri and expertise veteran Virender Bisht in 2015, presents zero foreign exchange debit and bank cards, which offer the very best banking expertise and worth for worldwide travellers. The organisation developed this distinctive resolution in 2019 and has helped over 2 million Indians by saving as much as 5% on their worldwide transactions with the Zero Foreign exchange providing. On this final Sequence-C spherical in 2022, Niyo raised $130 million, led by international VC and PE companies Accel, Lightrock, and Multiples. Its different traders embody Prime Enterprise Companions, Horizons Ventures, Tencent, JS Capital, Social Capital, and Beams Fintech Fund. The platform operates out of company workplaces in Bengaluru and has a gross sales presence in additional than 20 states and union territories.