Acquisition · Financial Services

Niyo acquires RemitX forex business for ₹11.4 crore

By Startup Enthusiast · 1 September 2026

What they do

Niyo provides digital banking services, zero-forex debit cards, and credit cards for international travelers

The company is acquiring the RemitX foreign exchange business from Capital India Finance for ₹11.4 crore

The deal adds 32 physical branches and 2,500 distribution partners to Niyo's existing digital-first forex platform

Niyo has agreed to acquire the RemitX foreign exchange business from Capital India Finance.
The transaction is valued at ₹11.4 crore and will be executed through Niyo's subsidiary Kanji Forex.
The acquisition includes 32 branches across 16 states and more than 30 cities in India.
Niyo will also onboard over 200 employees and a network of 2,500 distribution partners.
The deal is expected to close by 31 October 2026 pending regulatory approvals.
This move expands Niyo's physical footprint to over 40 locations nationwide.

Niyo aims to strengthen its presence in the cross-border payments market through physical distribution.
The acquisition complements Niyo's digital services with a traditional branch network for forex and remittances.
The deal follows the RBI's 2026 update to regulations governing Authorised Dealer Category-II entities.

Niyo offers banking solutions tailored for international travelers to simplify global finance.
The company is known for its zero-forex debit and credit cards that reduce transaction costs.
It operates as a digital-first platform with a growing physical presence in foreign exchange.
Niyo serves over 1 million international travelers with its mobile application and card products.
The company uses its subsidiary, Kanji Forex, to provide regulated foreign currency and remittance services.

Niyo plans to integrate the RemitX brand and operations into its existing forex business.