Niyo Expands Services with Acquisition of Kanji Forex
Bengaluru-based fintech firm Niyo, known for its travel-focused financial solutions, has made a significant move by acquiring Kanji Forex from Mumbai through its parent company, Finnew Solutions. Although the financial specifics of the agreement remain undisclosed, this acquisition marks Niyo’s entry into the offline foreign exchange market, enhancing its capabilities to serve Indian travelers heading abroad.
Historical Background of Kanji Forex
Established in 1935 under the name Kanji Pitamber & Co., Kanji Forex has been a pioneer in providing foreign currency solutions to both Indian and international banks. With this acquisition, Niyo aims to leverage the existing strengths of Kanji Forex to broaden its market presence across the country, integrating seamlessly into Niyo’s innovative digital platform.
Transformation into Niyo Forex
The newly formed entity, known as Niyo Forex (powered by Kanji Forex PVT. Ltd.), will offer a diverse range of services, including currency exchange, Forex cards, and external funds management under its Category II AD license. This transformation demonstrates Niyo’s commitment to providing a comprehensive suite of financial products tailored to the needs of international travelers.
Leadership Announcement
As part of this strategic expansion, Niyo has appointed Amit Talwar as the CEO of Niyo Forex. Talwar brings over 27 years of banking expertise, having previously held significant leadership roles in entities such as Industry Bank and ICICI Bank Group in both India and the UK. His experience in transaction banking and blockchain solutions will be instrumental in advancing Niyo Forex’s operations.
Consolidating Digital and Physical Forex Markets
This acquisition underscores Niyo’s ambition to merge digital innovations with traditional banking services in the Forex market. Backed by substantial investment from firms like Accel, Lightrock, and Beams Fintech Fund, Niyo has successfully raised over $179 million to date, establishing its presence across 20 states in India and catering to over two million customers.
Vision for Global Banking
According to Vinay Bagri, CEO and Co-Founder of Niyo, “We have been pioneers in democratizing cross-border card solutions. The acquisition of Kanji Forex marks a pivotal step in our journey towards offering a fully integrated global banking platform.” He emphasized that Talwar’s extensive banking background and leadership qualities make him the perfect fit to drive Niyo Forex toward becoming a market leader.
Future of Niyo Forex
Amit Talwar, CEO of Niyo Forex, stated, “Niyo has built a strong reputation as a digital travel banking brand. We are dedicated to serving the evolving needs of global citizens in India.” As Niyo continues to grow and innovate, its efforts will significantly enhance the travel experience for Indian customers seeking reliable foreign currency solutions, solidifying its role in the fintech revolution.