NiYO Solutions serves as a ‘neo-bank’ that relies on traditional financial institutions (Yes Bank and DCB banks, in its case) and offers additional features such as lending and insurance to customers. Blue-collared employees in India (and many other markets) continue to struggle in availing crucial financial services from banks that typically reserve them for privileged segment. With its payroll solution and other products, NiYO is trying to drive financial inclusion in the country, it said.

https://techcrunch.com/2019/07/09/india-niyo-neo-bank-seriesb/