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Exclusive | Niyo in talks to raise $100-150 million, to also acquire lending platform Smartcoin

The planned fundraise is said to fetch the company a valuation of $500 million and is likely to be led by private equity firm Multiples.

June 20, 2022 / 10:11 AM IST
Niyo co-founders Virender Bisht (CTO) and Vinay Bagri (CEO).

Niyo co-founders Virender Bisht (CTO) and Vinay Bagri (CEO).

Neobanking platform Niyo is in talks to raise $100-150 million, just four months after the company raised $100 million in its Series C round, even as startup funding has slowed down owing to tough global macro conditions.

According to multiple sources, the round will value the company at $500 million and is likely to be led by private equity (PE) firm Multiples. While Niyo had not disclosed its valuation post its previous round, according to sources the company was valued at $350 million.

Niyo is also looking to acquire personal loan platform Smartcoin for anywhere between $100-120 million, in line with its plans to begin lending on its platform.

The acquisition almost doubles Smartcoin's valuation which stood at around $60 million during the company's last fundraise, as per sources.