Niyo, India’s pioneering travel-banking fintech with a customer base of about 1.5 million, has expanded into outward remittance to boost its offering for Indian students studying abroad. This new offering is a testament to our unwavering commitment to providing a simple, secure, and affordable way for students and their families to transfer money worldwide, making the financial aspects of studying abroad as stress-free as possible.
With Indian students making up 25 % of Niyo’s total customer base, introducing this remittance service is a strategic move that aligns with the company’s focus on this high-growth segment. In recent years, the number of Indian students studying abroad has surged, and the company aims to achieve a market share of 50% among this cohort by FY26 is a testament to its optimism and belief in the potential of this market.
The remittance offering is tailored to meet student’s unique needs. It offers competitive exchange rates and a fully digital experience that allows for quick and easy transfers directly from the Niyo app. By simplifying the process, Niyo enables students to focus on their studies rather than worrying about financial logistics.
Speaking about the development, Vinay Bagri, Co-founder and CEO of Niyo, said:
We have always been at the forefront of innovation in travel banking, and introducing our outward remittance service is a natural extension of our commitment to supporting Indian students abroad. This service will not only make international money transfers more accessible but also reinforce our position as a trusted partner in their educational journey.
Bagri added:
With the customer at the heart of everything we do, Niyo’s product offerings focus on delivering zero-cost solutions. From zero forex markup to zero convenience fee on flight bookings, zero service fee on visa applications, zero commission on mutual funds, zero surcharge fee on ATM withdrawals and zero platform fee on remittances, Niyo sets a new standard for convenience and value addition.
Niyo’s outward remittance service complements its existing suite of offerings, including the zero-forex markup card, which has already helped lakhs of students save on currency exchange fees. With this comprehensive approach, the company is not just a player, but the market leader of the said segment, instilling confidence in the customers and investors.
Niyo, co-founded by banking veteran Vinay Bagri and technology veteran Virender Bisht in 2015, offers zero forex debit and credit cards, which provide the best banking experience and value for international travellers. The organisation developed this unique solution in 2019 and has helped over 2 million Indians by saving up to 5% on their international transactions with the Zero Forex offering. In this last Series-C round in 2022, Niyo raised $130 million, led by global VC and PE firms Accel, Lightrock, and Multiples. Its other investors include Prime Venture Partners, Horizons Ventures, Tencent, JS Capital, Social Capital, and Beams Fintech Fund. The platform operates out of corporate offices in Bengaluru and has a sales presence in more than 20 states and union territories.
