Niyo Solutions Inc. Solutions | $1.2M (Acquisition - RemitX Forex Business)

Founders: Vinay Bagri, Virender Bisht

Founded: 2015

HQ: Bengaluru

Sector: Travel FinTech / Cross-Border Payments

What they do

→ Digital-first travel-finance platform offering international cards, remittances, travel insurance, eSIMs and digital banking

→ Has raised ~$180M to date from Accel, Lightrock, Multiples, Tencent and Prime Ventures (VC)

→ Cut FY25 net loss by 46% to $8.19M as operating revenue grew 32% to ~$13M

The Deal

→ Acquiring the forex and cross-border payments business of Capital India Finance Limited, under the Remitx brand

→ Deal valued at ~$1.2M (₹11.4 Cr)

→ Executed through Niyo's wholly owned subsidiary Kanji Forex, which holds an Reserve Bank of India (RBI) AD-II licence

→ Expected to close by October 31, 2026, subject to regulatory approval

Why it matters

→ Adds 32 branches across 16 states and 30+ cities, pushing Niyo's physical footprint past 40 locations

→ Brings 2,500+ distribution partners and 200+ RemitX employees into Niyo's fold

→ Marries Niyo's digital platform with a branch-led distribution model built for Tier II and III cities

→ Capital India exits forex to refocus on its NBFC and RapiPay digital businesses

Can digital-first fintechs really win by going physical again?