Niyo Enhances Forex Services Through Kanji Forex Acquisition

Niyo, a leading travel fintech platform focused on cross-border payments for Indian travellers, has successfully acquired Kanji Forex, based in Mumbai, through its parent company Finnew Solutions. This strategic move aims to bolster Niyo’s forex capabilities and supports its ambition to build a comprehensive global banking platform.

New Leadership for Niyo Forex

As part of the acquisition, Niyo has appointed seasoned banker Amit Talwar as the CEO of Niyo Forex (Powered by Kanji Forex Pvt Ltd). Talwar brings an impressive 27 years of experience in banking, having held leadership positions at both IndusInd Bank and ICICI Bank for entities in India and the UK. His expertise includes driving initiatives in transaction banking, global remittances, and cash management, notably with blockchain-based solutions.

The Legacy of Kanji Forex

Established in 1935, Kanji Forex (Kanji Pitamber & Co.) was one of the pioneers in providing foreign currency options to both Indian and global banks. Under Niyo, the brand is set to enhance its physical presence across India and foster B2B partnerships to broaden its market reach.

Comprehensive Forex Portfolio Offered by Niyo

The acquisition allows Niyo to deliver a full-stack forex portfolio that includes FX cash, FX cards, and outward remittances, all under its AD Category 2 licence. The company plans to blend Kanji’s offline strengths with Niyo’s digital-first approach, aiming to serve a diverse clientele that includes travellers, students, professionals, and other global citizens.

Growth and Accessibility

Niyo is supported by investors with a remarkable $179 million in funding and operates across 20 states, catering to over two million customers. The company states that this acquisition accelerates its objective of providing transparent pricing, user-friendly digital products, and widespread accessibility within international banking.