New Delhi, Dec 04th: Niyo, India’s leading travel fintech platform, today announced a strategic expansion of its forex operations through NiyoForex (licensed by Kanji Forex Pvt. Ltd., the 90-year-old, RBI-regulated money-changing institution it recently acquired ).
The move is part of Niyo’s vision to build India’s most accessible cross-border banking platform, combining digital-first services with a nationwide physical network.
Operating under an Authorised Dealer Category-II (AD-II) licence, NiyoForex (formerly Kanji Forex) offers a full suite of forex services, including foreign exchange cash, multi-currency cards, and outward remittances for education purposes. The integration enables a hybrid “digital + physical” experience for travellers seeking convenience, transparency, and in-person support.
Vinay Bagri, CEO & Co-founder, Niyo said, “Kanji brought nine decades of trust and RBI-regulated forex expertise, and combining this with Niyo’s digital-first capabilities gives us a powerful foundation to scale. This phygital network allows us to meet travellers wherever they are—online or in person—while delivering a transparent and convenient cross-border experience.”
Since the acquisition, Niyo is well placed to expand its customer reach within India – not just through its digital experience but also via its branch network. In 2025, NiyoForex has doubled its branch footprint from three to six, with operational centres in Mumbai, Pune, Hyderabad, Bengaluru (two branches), and Gurgaon.
The company plans to expand this network to 50 branches over the next 2–3 years, leveraging a partnership model to keep operating expenditure low. The branch model enables the company to offer the widest range of cross-border solutions such as remittance, multi currency cards and forex cash to leisure travellers, students, and working professionals – while also enabling a digital layer, through the Niyo App that ensures safety, security, convenience and enhanced control for users.
NiyoForex has secured a PSP license, which includes an in-principle authorization to operate within GIFT City. This license enables the company to also offer other cross-border products internationally.
“Our expanding branch network, along with initiatives like home delivery of forex cash, digital outward remittances with transparent pricing, and integrated multi-currency FX services within the Niyo mobile app, allows us to serve travellers with greater accessibility and convenience,” said Amit Talwar, CEO, Niyo Forex. “The momentum we are seeing—especially among leisure travellers and students gives us confidence as we scale toward becoming India’s most comprehensive cross-border banking platform.”
With its hybrid network, integrated digital stack, and differentiated pricing model, Niyo is targeting a 10–15% share of India’s cross-border market.