Niyo Introduces Outward Remittance Service, Targeting Indian Students Abroad

~The strategic move aims to enhance Niyo’s position as the preferred financial partner for Indian students abroad~

National, September 2024: Niyo, India's pioneering travel-banking fintech with a customer base of nearly 1.5 million forays into outward remittance to strengthen its offering for Indian students pursuing education abroad. This new offering is designed to provide a seamless, secure, and affordable way for students and their families to transfer money internationally, ensuring that the financial aspects of studying abroad are as stress-free as possible.

With Indian students making up 25 % of Niyo’s total customer base, the introduction of this remittance service aligns with the company’s strategic focus on this high-growth segment. In recent years, the number of Indian students studying abroad has surged, with over 1.3 million students pursuing higher education internationally in 2023 alone—a number expected to exceed 1.5 million by 2025. Niyo aims to achieve a market share of 50% among this cohort by FY26.

Vinay Bagri, Co-founder and CEO of Niyo, said, "We have always been at the forefront of innovation in travel banking, and the introduction of 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."

“With the customer at the heart of everything we do, Niyo's product offerings focus on delivering zero-cost solutions. From zero forex mark-up 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 is setting a new standard for convenience and value addition,” Bagri added.

The remittance offering is tailored to meet the unique needs of students, offering 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.

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, Niyo is poised to be the market leader of the said segment.

About Niyo

Niyo is India’s leading banking fintech that has revolutionised "travel banking" for Indians. The company was co-founded by banking veteran Vinay Bagri (currently, CEO) and technology veteran Virender Bisht (currently, CTO) in 2015.  Niyo offers zero forex debit and credit cards, which provides the best banking experience and value for international travellers. This unique solution was invented by Niyo in 2019 and has helped over 2 million Indians by saving upto 5% on their international transactions with Zero Forex offering.  In this last Series-C round in 2022, Niyo raised $130 million, which was 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. Niyo operates out of corporate offices in Bengaluru and has a sales presence in more than 20 states and union territories.