Aug 25, 2020 • 1HR 4M

Neo Banking & the Evolution of Banking {Vinay of NiYO}

 
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Varun
We discuss entrepreneurship, technology, products, business & Startups. Indian startup founders, investors and the best operators in the business world.
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EP33: {Vinay Bagri, Co-founder & CEO of NiYO}

Hi Stars!

On the episode we discuss Vinay's fascination with Salary Accounts, banking and its evolution and what’s Neo about NiYO.

We chat with Vinay Bagri, the co-founder & CEO of NiYO, a Fintech that was founded in 2016 offering a digital banking solution for salaried employees. NiYO started off by digitizing the entire payroll and benefits process for contract workers in manpower supply companies - the atypical blue collar worker who earns Rs 15,000 per month. Today NiYO has over 5k clients servicing over 2 million or 20 lakh customers via their Salary account product.

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During the conversation we also discuss the state of banking, the challenges that being turned into opportunities & how some of their offerings have such a high NPS score! Not to miss that they doubled their client base just using referrals.

NiYO has continued to evolve and launched products with their banking partnerships with IDFC Bank, DCB & Yes Bank. The main product that caters to the blue collar account holders enables users carry out financial transactions including payment of bills and availing small ticket loans through the app that is available in 10 languages.

NiYO is HIRING, in case you were wondering. Get in touch.

Stay Safe & do share the episode!

- V (@varunvummidi)

About NiYO:

NiYO has raised $49.3 million in total, including a Seed round from Prime Venture Partners, Series - A from Social Capital, and the last funding of $35 million in Series B round led by Horizons Ventures, Tencent and JS Capital LLC. They had closed FY2019-20 with a $10M turnover.

Timeline:

01:25 - Intro

04:00 - Branchless Banking in India

05:40 - Evolution of digital banking

08:00 - Bankers of the 00s era

11:20 - Innovating on Salary Accounts

12:38 - What’s ailing the bank?

16:15 - Regulations in Tech?

20:00 - Evolution of banks around the world

23:48 - Open Banking Vs Neo Banking

26:15 - Insight to building NiYO

30:48 - Dealing with blue collar users using Prepaid Wallets

34:15 - Growing 10x in 2 years just using referrals

38:00 - 5k clients & 2 million customers

40:40 - Partnering with banks & co-creating Products

45:30 - Monetizing

48:15 - Portfolio approach to banking

52:00 - $ 49M in capital raised & fund raising from global investors

58:36 - Creating Products for Diff customers

1:03:33 - HIRING