Niyo
Zero-forex travel banking for Indians.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner banks (SBM Bank India, DCB Bank) — RBI-regulated issuers; no own license.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Niyo’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · travel & digital nomads |
| HQ | Bengaluru, IN |
| Founded | 2015 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner banks (SBM Bank India, DCB Bank) — RBI-regulated issuers; no own license |
| Card | Visa · Debit + forex |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Asia |
| Founders | Vinay Bagri, Virender Bisht |
| Funding | ~$180M raised |
Verified links: official site ↗
Common questions about Niyo
What is Niyo?
Niyo is a fiat neobank built for travel & digital nomads, headquartered in Bengaluru, IN and founded in 2015. Your money is held custodially, so Niyo or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner banks (SBM Bank India, DCB Bank) — RBI-regulated issuers; no own license).
Does Niyo have a card, and where can you use it?
It issues a Visa debit and forex card. It is available in Asia.
Does Niyo require KYC?
Yes. Niyo requires identity verification (KYC) to open an account, as a partner-bank model.
Early investors
Head-to-head
Niyo vs Wise · Niyo vs YouTrip
Peers
Wise · KakaoBank · WeBank · bKash · Maya · GCash
Niyo appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in Asia (132) · Neobanks for travel and digital nomads (10) · Neobanks that issue a Visa card (182) · Neobanks in India (12)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.