Indian digital banking start-up NiYO Solutions has raised $35m in a Series B funding round led by Horizons Ventures and Tencent.

The company’s existing investor JS Capital also participated in the round. Following the latest round, NiYO has raised a total of $49m from the investors.

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The new investment will be utilised by the company to support the development and launch of new products. It will also be used by the company to explore foray into additional emerging economies.

Established in 2015, NiYO currently serves around one million users. Driving on rapid expansion strategy, the company aims to increase its customer base to five million in three years.

NiYO co-founder and CEO Vinay Bagri said: “Our core focus on customer value and customer service is paying rich dividends with strong growth across business metrics in the last 12 months.

“With this fresh round of funding we aim to fortify our service suite and further accelerate our growth.”

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The company is said to have significant presence among salaried customer segment through NiYO Bharat Payroll Solution. Developed for unorganised/ semi-unorganised work sector, the solution enables the customers to manage their savings, payments, investments and insurance.

The NiYO Bharat Mobile app is available in eight languages and supports voice commands.

NiYO’s offering also includes Global Card, its forex solution for Indians travelling abroad. It is valid across two million Visa ATMs and can be used at more than 35 million merchants worldwide.

NiYO co-founder and CTO Virender Bisht said: “Customer centricity and technology led solutions are the bedrock of our product innovation process.

“We are thankful to our customers, banking partners and investors for the faith they have shown in our team. With this investment, we are doubling down on our mission to improve our customers’ banking experiences and create value for all stakeholders.”