Spring Marketing Capital has made a strategic investment in Neobank startup Niyo. The amount is yet unknown, though.
With this investment, Niyo Global hopes to fortify its market position and establish the “travel banking” niche in India by utilising cutting-edge goods and promotional techniques.
As part of the collaboration, Spring Marketing Capital will support partnership projects, marketing campaigns, and the overall brand strategy.
“With its alluring product offers, Niyo has significantly improved the lives of outbound travellers and urban millennials in India over the past few years. Vinay Bagri, cofounder and CEO of Niyo, stated, “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.”
Vinay Bagri and Virender Bisht founded Niyo in 2015 with the goal of revolutionising “travel banking” for Indians. Along with other banking services, it provides digital savings accounts with other banks.
Niyo’s flagship product, Niyo Global, provides financial services and value for foreign travellers through its two primary business lines, global banking and mass banking. With partnerships with State Bank of Mauritius, Equitas Small Finance Bank, and DCB Bank, Niyo says it provides digital banking solutions to nearly 4 million users.
Niyo raised $30 million in its Series C fundraising round from Accel, Lightrock, and other investors last year.
Spring Marketing Capital was founded by Raja Ganapathy, Arun Iyer, and Vineet Gupta. The company concluded its first round at INR 150 Cr, and it still makes investments in Series A and beyond firms. It has made investments in Mosaic Wellness, Bewakoof, Juicy Chemistry, Purplle, and Smiles.ai.
Godrej Consumer Products (GCPL) said earlier this year that it would contribute INR 100 Cr to support the Early Spring fund, which was established by Spring Marketing Capital. Investments in firms between the seed and pre-series A stages are expected to range from INR 5 Cr to INR 20 Cr in early spring.
Prior to this, Raghunandan G, the founder of the Neobanking platform Zolve, told ET that the company is planning to extend the reach of its offerings by offering its services to Indians wishing to relocate to Canada, the UK, or Australia by the beginning of next year.
Indians wishing to immigrate to the US can obtain bank accounts and credit cards from the Delaware and Bengaluru-based business Zolve. By forming agreements with local international institutions in these geographies, Raghunandan, who established TaxiForSure in 2011, said the platform will try to expand the offers to those looking to settle in Canada, the UK, and Australia.
