Bengaluru-based digital banking start-up NiYO Solutions Tuesday said it has raised USD 35 million (about Rs 240 crore) in funding from Horizons Ventures, Tencent and the existing investor, JS Capital.
With the latest infusion (series B), the company has raised a total of US 49 million in funding.
The latest round of funding will be used to accelerate the development and rollout of new product offerings and to amplify distribution and marketing, it said in a statement.
The funds will also be used to "explore expansion into international markets, particularly in emerging economies which offer similar opportunities for digital disruption through a 'Neo-bank' concept", the statement added.
Currently serving around one million, NiYO aims to service 5 million users in the next three years.
"Our core focus on customer value and customer service is paying rich dividends with strong growth across business metrics in the last 12 months. With this fresh round of funding we aim to fortify our service suite and further accelerate our growth," NiYO co-founder and Chief Executive Officer Vinay Bagri said.
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NiYO's product is designed to digitally empower India's blue-collar workforce, primarily in unorganised or semi-unorganised labour-intensive sectors and provide them with a platform to manage their savings, payments, investments and financial protection (insurance).
NiYO is also betting big on the international travel market with its forex solution, NiYO Global Card.