What NiYO Solutions does

NiYO Solutions (operating as Niyo, legally Finnew Solutions Pvt Ltd) is a Bangalore-headquartered travel-fintech founded in 2015 by Virender Bisht and Vinay Bagri. The company operates a mobile-first neobanking platform targeting Indian residents who travel or study abroad, with a primary product suite consisting of zero-forex-markup international debit and secured credit cards (co-branded with DCB Bank and SBM Bank), an RBI-compliant outward remittance service under the Liberalised Remittance Scheme, foreign currency exchange with doorstep delivery, and bundled travel services including flights, hotels, visa processing, travel insurance and international eSIM connectivity.

The platform is architected around VISA network connectivity, NPCI-compliant domestic payment rails (UPI/IMPS/NEFT), live XE forex data, and — following the 2025 acquisition of Kanji Forex — direct ownership of an RBI Authorised Dealer Category II licence enabling full-stack cross-border payment execution. Supporting infrastructure includes ISO 27001, ISO 20022, PCI-DSS and NPCI certifications, a Niyo Coins digital rewards system (1 coin = ₹0.10), and a Niyo Premium subscription tier. Distribution combines self-serve mobile onboarding, an agent-based Niyo Express doorstep service across 25+ cities, the NISAP student ambassador network (500+ ambassadors globally), and a B2B2C partnership with Vi (Reliance Jio).

Niyo generates revenue primarily through interchange fees on card transactions (domestic and international), embedded forex spread on currency conversion despite marketing 'zero forex markup,' affiliate and commission revenue from travel services (flights, hotels, visa, insurance, eSIM, experiences), and the recurring ₹999/year Niyo Premium subscription. The company is primarily D2C with a long-tail customer base of 1 million+ users (including 5 lakh+ students), onboarding 30,000–40,000 new customers monthly. It has raised approximately $180M across six funding rounds, reports FY25 revenue of ₹123.4 crore (up 32% YoY) against a narrowed net loss of ₹77.8 crore, and is preparing for a potential IPO in H2 2026.

Name

NiYO Solutions

Legal name

Finnew Solutions Pvt Ltd

Website

http://goniyo.com/

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

NiYO Solutions is an India-based travel-fintech operating zero-forex-markup international debit and credit cards, outward remittance, currency exchange and bundled travel services for Indian travellers and students studying abroad, distributed through co-branded banking partnerships and a mobile-first platform.

Ownership category

akta.pro rank

Product category

Travel Fintech / Neobanking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (522210), Credit Card Issuing (52221)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-Border & FX Payments Platforms (BPAMAFAK), Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB)

Keywords

• Zero forex cards
• International money transfers
• Travel banking platform
• Currency exchange services
• Student forex solutions

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Interchange Fees on Card Transactions: Niyo earns interchange fees from VISA on every card transaction (domestic and international). As a co-branded card issuer with partner banks, the company receives a share of the interchange revenue generated from card usage across its 1M+ customer base.
2. Forex Spread on Currency Transactions: While Niyo markets 'zero forex markup,' revenue is generated through the spread between the live VISA/XE exchange rate and the rate offered to customers, along with interchange on foreign-currency transactions.
3. Travel Services Commission: Revenue from flight bookings (zero convenience fee but earns airline commissions), hotel bookings, visa processing, travel insurance (partnered with Digit Insurance), and eSIM sales. Commission from travel service providers on bookings made through the Niyo platform.
4. Niyo Premium Subscription: Niyo Premium (₹999/year) generates subscription revenue. Benefits include zero convenience fee on flights, 10% off international hotels, free lounge access once per quarter, free ATM withdrawal once per quarter, 5,000 Niyo Coins credited on signup, and travel visa services.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels7 records

Core offering

Niyo offers zero forex markup international debit and credit cards that allow users to load INR and spend across 130+ currencies in 180+ countries at live VISA exchange rates. The platform also provides currency exchange with doorstep delivery, RBI-compliant international money transfers for education and personal use, and bundled travel services including eSIM, flights, hotels, visa, travel insurance, and curated experiences. All services are delivered through a mobile-first app supported by co-branded banking partnerships and an in-house RBI-licensed forex subsidiary.

Product overview

NiYO Solutions (operated as Niyo) operates as a travel-focused fintech platform offering a unified suite of cross-border financial services. The core product portfolio centers on zero forex markup cards (both debit and FD-backed credit variants) that allow users to load INR and spend globally in 130+ currencies across 180+ countries. These card products are complemented by currency exchange, international money transfer, and travel services (eSIM, flights, hotels, visa, insurance, experiences). The company serves two primary segments: frequent international travelers and students studying abroad, with specialized offerings including scholarships and ambassador programs for the latter. The product architecture follows a platform-plus-modules model where the zero forex card serves as the anchor product, with travel services and premium tiers built around it. Recent acquisitions of Index (2021) and Kanji Forex (2025) expanded analytical capabilities and full-stack forex operations respectively.

Differentiator

Problem solved

Functional benefit

Brands

• Niyo Global: Flagship travel banking product offering zero forex markup international debit and credit cards, currency exchange, and international money transfers
• Niyo Express
• Niyo Forex
• Niyo International Student Ambassador Program (NISAP)

Products and services

• Niyo Zero Forex Debit Card International debit card with zero forex markup that allows users to load INR and spend across 180+ countries in 130+ currencies at live VISA exchange rates with no additional charges; co-branded with DCB Bank and SBM Bank.
• Niyo FD-Backed Secured Credit Card Secured credit card issued against a fixed deposit offering zero forex markup on international transactions, credit limit up to 90% of FD value, up to 3% valueback on Niyo travel bookings, and lifetime free membership with no income proof required.
• Niyo Currency Exchange Foreign currency exchange service offering zero effective forex markup at live XE exchange rates with next-day doorstep delivery in 30+ Indian cities and a buyback guarantee for unused currency at live rates.
• Niyo Send Money Abroad International money transfer service enabling RBI-compliant outward remittances under the Liberalised Remittance Scheme to 130+ countries in 15+ currencies, with zero platform fee and claims of 1.5% lower forex markup than competitors like Wise.
• Niyo Travel Services Integrated bundle of travel services including flight bookings with zero convenience fee, visa processing for 50+ countries, travel insurance underwritten by Digit Insurance, hotel bookings, and curated travel experiences via the Headout partnership.
• Niyo International eSIM Travel data eSIM service powered by Zetexa providing connectivity in 120+ countries with QR-code activation, app-based management, and plans starting at INR 50 per destination country or region.
• Niyo Express Doorstep agent-based service for KYC verification and same-day or 24-hour physical card delivery available across 25+ Indian cities, complementing fully digital onboarding for less tech-comfortable customers.
• Niyo Premium Annual subscription tier at INR 999 per year offering zero convenience fee on flight bookings, 10% off international hotels, free international lounge access once per quarter, one free international ATM withdrawal per quarter, travel visa services, and a 5,000 Niyo Coin signup credit.

Quantifiable outcome

• Customers save 3-5% per international transaction vs. regular bank cards (up to ₹5,000 on a ₹1 lakh spend trip to Europe).
• +5 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• DCB BankcoreTechnology or IntegrationDCB Bank is a key banking partner issuing the DCB Niyo Debit Card and DCB Niyo Lien-Backed Secured Credit Card. The partnership enables Niyo to offer zero forex markup cards under DCB's banking license, with deposits insured by DICGC up to approved limits.
• SBM Bank (India)coreTechnology or IntegrationSBM Bank (India) is a key banking partner issuing the Niyo SBM Debit Card and Niyo SBM FD-Backed Secured Credit Card. SBM Bank provides the banking infrastructure and license for Niyo's card products.
• Kanji Forex Private Limited (NiyoForex)coreTechnology or IntegrationAcquired by Niyo, Kanji Forex is an RBI-authorized Authorised Dealer Category II (AD-II) licensed entity with 90 years of operating history. It facilitates all foreign exchange transactions including outward remittances under FEMA and RBI guidelines. Finnew Solutions (Niyo) acts as a technology service provider.
• VisacoreTechnology or IntegrationVisa is the payment network partner enabling card acceptance in 180+ countries. All Niyo cards operate on the VISA network with live VISA exchange rates applied to international transactions.
• NPCI (National Payments Corporation of India)coreTechnology or IntegrationNPCI operates India's retail payments infrastructure including UPI, IMPS, and RuPay. Niyo's platform integrates with NPCI for domestic payment rails (UPI, IMPS, NEFT) enabling instant INR top-ups 24/7.
• Vi (Reliance Jio)minorGTM or Marketing PartnerVi (Reliance Jio) partnered with Niyo in December 2025 to offer zero-markup forex cards to Vi's mobile subscribers traveling internationally. The partnership creates a comprehensive travel package including roaming, insurance, lounge access, and baggage protection.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Wise (TransferWise): Wise is a direct global competitor in cross-border money transfers and multi-currency spending, with a multi-currency card (Wise card) that competes directly against Niyo's zero forex markup card. Both serve customers moving money across borders with transparent FX pricing.
• BookMyForex: BookMyForex is an Indian fintech offering forex cards, currency exchange, and outward remittances—the same core product set as Niyo Global. It is one of Niyo's most direct Indian competitors, particularly for currency exchange and forex cards.

Broad incumbents

• HDFC Bank ForexPlus Card: HDFC Bank is a large incumbent offering traditional forex prepaid cards (ForexPlus, Multicurrency Platinum) used by Indian outbound travelers. As a bank, HDFC has deeper balance sheet and branch distribution than Niyo but typically charges 3-5% forex markup.
• ICICI Bank Travel Card: ICICI Bank issues multi-currency prepaid forex cards to Indian travelers and students. It is one of the most established forex card products in India, competing head-to-head with Niyo's cards but as part of a broader universal banking offering.
• Revolut: Revolut is a global neobank with multi-currency cards, international transfers, and travel services. While not directly serving Indian residents, it sets the global benchmark for the bundled cross-border consumer experience Niyo is replicating in India.
• Thomas Cook India: Thomas Cook India is an established incumbent in forex, travel, and visa services—the traditional full-service competitor to Niyo's bundled offering. It serves the same outbound Indian traveler with a more offline, branch-based model.
• Paytm Payments Bank / Paytm Forex: Paytm is a broad Indian fintech incumbent offering payments, banking, and travel services. Its scale and UPI dominance give it potential to enter or expand in cross-border payments and travel, making it a strategic threat to Niyo's growth trajectory.

Emerging players

• Jupiter (by Volopay): Jupiter is an Indian consumer neobank offering salary accounts, debit cards, and savings products. While not a direct forex-card peer, it competes for the same digital-first Indian consumer with overlapping cross-border ambitions.
• Fi Money (epiFi): Fi is an Indian consumer neobank providing smart savings accounts and debit cards. It targets a similar urban, digitally-native Indian customer and is part of the broader neobank cohort competing with Niyo for the same consumer wallet.
• OneCard (FPL Technologies): OneCard is an Indian fintech issuing mobile-first credit and debit cards. While not focused on forex, it overlaps with Niyo's metal co-branded card product line and competes for the same digitally-native Indian consumer card wallet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCzX2JjZNtcvtn9lWMHvmL9w
• LinkedInlinkedin.com/company/goniyo
• Instagraminstagram.com/goniyo
• Xx.com/theniyo

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds6 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NiYO Solutions