Sunday, September 24, 2023
Sunday, September 24, 2023
HomeINB EnglishNiyo leverages multi-bank strategy to cater to growing demand for international travel

Niyo leverages multi-bank strategy to cater to growing demand for international travel

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Niyo, a leading fintech company, recently expanded its multi-bank partnership proposition, by onboarding Equitas Small Finance Bank as a new banking partner for its Niyo Global programme (debit or credit card issued by partner bank).

With zero forex markup, the Niyo Global Card has set a benchmark for financial convenience and value for customers’ spending money abroad, making it among the most popular products in this category. Moreover, following the recent decision by the government to exclude all debit and credit cards up to Rs. 7 lakhs under the LRS (Liberalised Remittance Scheme) limit, though further clarity is awaited, the Niyo Global Card becomes a go-to choice for travellers seeking a cost-effective and hassle-free way to manage their finances abroad.

With the new banking partnerships, Niyo’s consumer-first approach is demonstrated, which will give its customers more bank options to choose from along with a comprehensive and secure travel banking experience. Niyo plans to acquire over 1 million customers in this financial year under the Niyo Global programme, which is open to all Indian passport holders.

Vinay Bagri, co-founder and CEO of Niyo, said, “We are thrilled to onboard our new partner bank in Niyo Global to democratise financial products for Indians’ travel experiences. We are confident that our multiple bank partnerships will help us offer best-in-class banking experiences with zero mark-up forex charges for our customers. With the huge tailwind of international travel, we expect exponential growth for Niyo Global this year.”

As Niyo continues to evolve and expand its network of banking partners, it is committed to transforming the way travellers manage their finances, empowering them to explore the world without financial constraints. Moreover, customers using the Niyo Global Card gain complimentary lounge access, adding an element of luxury and comfort to their journeys.

Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank, said, “Equitas believes in customer first as a core value, and we are delighted to offer the best range of services with the best rates for deposits and savings accounts across the industry. We offer our savings accounts with zero non-maintenance charges to promote savings as a culture across India. We are thrilled to embark on this exciting journey with Niyo for Niyo Global after the success of NiyoX. This partnership aligns with our vision of providing Indian travellers and aspirants across demography and geography with best-in-class financial services that are tailored to meet their specific requirements. Our international debit card offers zero forex mark-up charges, giving you comfort for overseas transactions, and card limit management using the mobile app, helps one control the transaction limits seamlessly. This expands the customer base from savers to saver plus spenders segment. By combining our strengths, we are confident that we can create a truly remarkable and seamless experience for our customers.”

Niyo raised $130 million in a Series-C funding round from renowned investors such as Accel India, Lightrock India, and Multiples Alternate Asset Management. The company’s notable investors also include Prime Venture Partners, JS Capital, Social Capital, and Beams Fintech Fund.

Niyo’s mission to redefine the banking experience for Indian travellers is set to make waves worldwide. By seamlessly blending cutting-edge financial technology with a customer-centric approach, Niyo Global aims to become the go-to platform for Indian travellers, revolutionising and democratising travel experiences on a global scale.

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