Horizons leads $35m round for India fintech player

Horizons, which is controlled by Hong Kong billionaire Li Ka-shing, also contributed to a $13.2 million Series A last year alongside India’s Prime Venture Partners, US-based Social Capital, and JS Capital, the family office of Jonathan Soros, son of George Soros.

“Right now, we are focused on the liabilities side, which is focused on the salaries account,” Vinay Bagri, CEO of NiYo, told The Economic Times. “But, very soon, we would like to expand into lending and wealth management,” Bagri said. “Each of that will require its own product cycle, testing and rollout.”

NiYo’s services encompass the entire employee payroll and benefits value chain with a view to simplifying money transfer processes and improving transparency for employers and employees. It operates a corporate portal for salary dispersal, a mobile app for personal transaction monitoring, and a payroll system.

Horizons has previously invested in India’s fintech space with participation in a $16 million round for merchant payment services provider Ezetap that also included JS Capital and Social Capital. Social Capital first invested in Ezetap in 2012 alongside PayPal co-founder Peter Thiel.

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• Topics
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