Niyo (neobanking startup) which is backed by Lightrock and Accel is currently planning to introduce a new platform related to travel tech in the coming weeks.
Across the world, multiple fintech startups are currently trying to adjust to the dynamic regulations, including digital lending. While Niyo is planning to bring a whole new range of platforms related to travel tech.
As per the Reserve Bank of India (RBI), all repayments and loan disbursals are to be executed between the borrower as well as the bank account without the involvement of a third party or an LSP.
At present, Niyo supports its customers to seamlessly open their savings accounts. Apart from that, it also provides an investing platform named Niyo Money to offer other services related to banking.
In 2015, Vinay Bagri along with Virender Bisht founded Niyo. Vinay holds multiple experiences with several banks like Kotak Mahindra, Standard Chartered, etc. and Virender has also worked for MakeMyTrip.
One of the representatives from Niyo stated, “Niyo’s current products are core banking products, which are not very different from what other players offer. Niyo could do something to gain an edge but how much can someone differentiate a normal savings account?”
The company along with the partnership with Equitas Bank, Yes Bank, DCB Bank, etc. helps its customers with opening savings accounts, disbursing loans, wealth management, mutual funds, and more.