Niyo Secures PSP Licence from IFSCA to Expand Cross-Border Financial Services

Bilkul Bazaar

Gandhinagar

Travel fintech platform Niyo has secured a Payment Service Provider (PSP) licence from the International Financial Services Centres Authority (IFSCA) to operate from GIFT City, strengthening its plans to expand beyond travel forex into a broader portfolio of cross-border financial services.

The new licence is expected to enable Niyo to build and scale international money solutions for India’s increasingly global consumer base, whose financial needs now extend beyond travel to areas such as overseas education, employment, international spending and cross-border money transfers.

The move comes after Niyo’s recent acquisition of Capital India Finance Limited’s forex business, operated under the RemitX brand. The acquisition has expanded Niyo’s branch network more than fourfold, significantly strengthening its physical presence across India.

Niyo is simultaneously scaling its digital and technology infrastructure, creating a hybrid branch-plus-app model aimed at simplifying cross-border money movement for customers.

Together, the GIFT City licence and expanded distribution network mark a significant step in Niyo’s strategy to build a large, technology-led cross-border financial services platform with nationwide reach and wider regulatory capabilities.

Sai Sankar, CBO, Niyo Forex, said that India’s globalising consumer is no longer defined by travel alone, with international education, employment, spending and money movement becoming increasingly important parts of consumers’ financial lives.

He said Niyo aims to develop solutions around these evolving needs and provide customers with a seamless experience across the cross-border financial journey, adding that the GIFT City licence further strengthens the company’s ability to participate in this opportunity and support its next phase of growth.