NiYO Fosters Financial Inclusion amid 4 Lakh Salaried Employees

MUMBAI:
NiYO, a new age digital banking solutions provider for blue-collar employees, has set off on a mission to revolutionize the banking experience of this segment which has been historically neglected by the traditional banks.

In line with its mission, NiYO announced the launch of NiYO payroll card across all the major locations in Maharashtra namely Bhiwandi, Aurangabad, Nashik, Surat, Ahmedabad, Vapi catering particularly to the migrant population, shifted from their hometowns to cities for work, offering them a seamless digital banking experience.

One of the principal products from its suite – the NiYO Payroll Card aims at reaching out to the blue collared masses by making banking convenient, hassle-free and safe for the employees while providing a state-of-the-art HR solutions during salary disbursement for the employers.

Employees can instantaneously open new accounts at their work sites. They enjoy the liberty to maintain a zero balance in their accounts without any charges being levied. To ensure safety of the highest order, there exists an option to lock/unlock/block the card using the Niyo Bharat mobile app. Its multilingual Bharat Mobile App has been tailor made for blue collared employees with a voiceover enabled feature to benefit moderately uneducated individuals.

To ensure better cash flow and to meet the emergency needs of the employees, it provides the Salary Advance feature. NiYO endeavors to inculcate the habit of disciplined savings by providing wealth products like Mutual Funds and Digital Gold wherein investments can even be done in low denominations. Other salient product features include free accidental death insurance for every active user. NiYO’s robust 24 x 7 Customer Service Team caters to issues arising at any hour of the day via a multilingual captive call center facility.

Leveraging technology in the zones of payroll, benefits, travel, credit, insurance and investments, NiYO provides an integrated solution comprising of a digital account in addition to a salient mobile app. Accompanied by a comprehensive corporate portal, it assists organizations in digitizing the benefits and payroll process. Compliant and immensely transparent in nature, it strives to deliver an exceptional employee experience.

NiYO is a Bangalore based Fintech startup founded in 2015 by Vinay Bagri and Virender Bisht. It has raised a Series A funding round of 13.2 Million USD with four esteemed investment partners: Prime Venture Partners, JS Capital, Social Capital and Horizons Ventures.