NiYO solutions which are a financial technology has now secured $35 Million in the funding round of latest, led by the existing partners Horizons Ventures, with the participation from the Chinese internet behemoth Tencent Holdings also joining its cap table as a new investor.
The company will now going to use thee fresh funding for the brand building, product development, acquisitions and expansion as well.
“This gives us a unique opportunity to work with more small and medium enterprises, providing them with more facilities — on human resources as well as on the banking side. But, this will need a lot more product development as well,” Vinay Bagri, chief executive of the four-year-old company, told ET.
On the consumer point of view, the fintech company is also planning to enter the lending business.
“Right now, we are focused on the liabilities side, which is focused on the salaries account. But, very soon, we would like to expand into lending and wealth management,” Bagri said. “Each of that will require its product cycle, testing, and rollout.”
The company, which also helps the employees manage their reimbursement and benefits has two primary products.