Niyo Expands Forex Reach with Capital India Finance Acquisition

Bengaluru-based travel-fintech platform Niyo has finalised a deal to take over the forex and cross-border operations of Capital India Finance, identified under the RemitX brand. This agreement will integrate RemitX’s extensive branch network, distribution partners, employees, and brand under the Niyo umbrella.

Overview of RemitX Operations

RemitX operates 32 branches distributed across 16 states and over 30 cities, including various Tier-2 and Tier-3 markets. This acquisition will elevate Niyo’s physical presence to more than 40 locations throughout India. It will also include more than 2,500 distribution partners spanning travel, overseas education, and corporate sectors.

Employee Integration and Services Offered

The transaction is set to welcome over 200 RemitX employees, including key leaders, to Niyo’s fully owned subsidiary, Kanji Forex. The resulting combined services will provide foreign currency options, forex cards, and outward remittance services through both physical branches and Niyo’s digital platform.

Growth in Regulated Forex Business

Niyo ventured into the regulated forex market in 2024 with its acquisition of Kanji Forex, which possesses an Authorised Dealer Category-II licence. In August 2026, Kanji Forex received a perpetual AD-II licence from the Reserve Bank of India, enabling an expanded range of remittance services.

Strategic Benefits of the Acquisition

This acquisition is a strategic move for Niyo, allowing the company to broaden its forex distribution network beyond major urban areas and strengthen its position in the cross-border payments sector. Previously, Niyo aimed to establish a network of 50 branches within the next two to three years.