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