Consumer-focused neo-banking platform Niyo has raised $30 million from private equity firm Multiples Alternate Asset Management. This is the second round of funding for the Bengaluru-based company in 2022.

Niyo will deploy these funds towards ramping up product capabilities, growing user base, brand building and hiring, said the company in a statement. It has raised nearly $165 million to date including a $100 million Series C round in February.

Niyo offers digital savings accounts and other banking services in partnership with banks. At present, the firm claims to serve about 4 million customers across its banking and wealth management products. The company is reportedly acquiring SmartCoin to foray into lending.

Over the past two years, Niyo had acquired two companies including Bengaluru-based personal finance startup Index and Goalwise. It also launched a digital salary account in February this year and is in the process of launching credit cards, integrated forex and other banking products.

While Niyo is yet to disclose its financial results for FY22, the company’s operating revenue reduced 4% to Rs 24.30 crore against Rs 25.32 crore in FY20.

As per MarketMoney analysis, a majority of Niyo’s operating revenue came through service fees whereas support services contributed Rs 2.8 crore, making up 11.6% of its total operating revenue. In the end, the company posted a loss of Rs 80 crore in the fiscal year ending March 2021.

The company competes with B Capital-backed Fi and Jitendra Gupta-led Jupiter, P10 and InstantPay among others. Fi had raised $50 million in October last year while Jupiter scored $86 million in Series C round led by Tiger Global and others in December.

Neo-banking startups have been gaining significant traction in the past two years but most of these companies are yet to post meaningful revenue. Fi and Jupiter had reported almost nothing from their operations during the fiscal year ending March 2021.

recently, on 13 July OneCard entered in Unicorn list with raises of over $102 Mn at a $1.2 Billion valuation, and 5ire raised $100 Mn in Series A at a $1.5 Billion Valuation and entered in Unicorn club and become the 115th Indian Unicorn Startup.