The partnership will allow Niyo Global to offer an all-in-one travel banking solution (for domestic and international travel for Indian passport holders)
National, October 5, 2023: Niyo, India’s leading travel banking fintech, has extended its strategic partnership with DCB Bank Ltd. for its flagship product, Niyo Global, to further strengthen its positioning in the travel banking sector and provide customers with a comprehensive banking suite along with unparalleled international travel card benefits. This partnership extension takes a significant leap from offering just a co-branded travel card to a banking experience with international travel benefits.
As a significant boost to Niyo Global’s offerings, the DCB Bank features are seamlessly integrated into the Niyo Global One app. This revolutionary app empowers customers to choose a DCB Bank Savings Bank account as a travel expense account with the associated interest benefits. Moreover, users can access the full spectrum of travel-related features offered by Niyo Global, such as a zero forex charges international debit card and the newly launched experience of free lounge access across 1,400 airports in the world.
With Niyo Global products, there is no need for an additional forex card that needs to be loaded with each currency every time you travel before embarking on an international trip; instead, their savings account comes equipped with a debit or credit card that outperforms traditional forex cards on the international stage. Furthermore, this versatile card can be utilized domestically, simplifying both international and domestic banking needs.
Commenting on the partnership, Virender Bisht, co-founder and CTO, said, “Our association with DCB Bank has a rich history, dating back to our first banking partnership with Niyo Global, which has redefined travel experiences for international travellers. With DCB Bank’s international acceptance rates – one of the best in the country, strengthening and integrating the DCB Bank offering in the Niyo Global app was a natural choice. International travel can be expensive with 3-5% charges on each spend. Helping travellers save this extra spend and enabling them with innovative tech features will always be our priority and we’re grateful to have partners like DCB Bank in this journey.”
From DCB Bank, Damodar Agarwal, Head Strategic Initiatives and Alternate Channels said, “It is exciting to take on a brand-new transformative journey with Niyo Global, an innovator in the fintech space. Our business alliance has come a long way and we are excited with the opportunity to transform the manner in which India travels internationally and save on foreign exchange spends. The Niyo Global Card powered by DCB Bank has been well received by both – leisure travelers and students going abroad for studies. This alliance testament to our commitment to provide customers with innovative financial solutions that simplifies international travel.”
Niyo Global’s dedication to innovation shines through its distinctive role as the sole provider of a multi-bank travel product. With the inclusion of DCB Bank, Niyo Global expands its offerings to deliver customers a wide spectrum of financial solutions and features. Setting itself apart from other fintech players, Niyo Global presents a versatile range of distinct products, solidifying its position as the preferred platform for travel and banking needs.
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. Based on its mobile application, Niyo offers the Niyo Global International Travel Card, which provides the best banking experience and value for international travelers. Niyo offers these digital banking services in partnership with the following banks: DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius.
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.
About DCB Bank:
DCB Bank is a new-generation private sector bank with 436 branches (as of 30th June 2023) across India. A scheduled commercial bank regulated by the Reserve Bank of India, it is professionally managed and governed. DCB Bank has contemporary technology and infrastructure, including state-of-the-art internet banking for personal as well as business banking customers.
DCB Bank’s business segments are retail, micro-SME, SME, mid-Corporate, Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks, and Non-
Banking Finance Companies (NBFC). DCB Bank has approximately one million customers. The Bank’s network of state-of-the-art, customer-friendly branches are situated across Andhra Pradesh, Bihar, Chhattisgarh, Daman, Delhi/ NCR, Goa, Gujarat, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry, Punjab, Rajasthan, Silvassa, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, and West Bengal.
For information about the Bank, please visit www.dcbbank.com