Niyo, a travel fintech platform transforming the cross-border payment and travel banking experience for outbound Indian travellers, has acquired Kanji Forex, a reputed player in the foreign exchange space, through its parent company Finnew Solutions.
The acquisition will allow Niyo to deliver a full-stack forex offering across FX Cash, FX Cards, and outward remittances, as per the terms of their AD category 2 license. The company aims to grow its operations by expanding Kanji Forex’s physical presence across India and exploring strategic B2B partnerships to deepen its market reach.
Established in 1935, Kanji Forex (also known as Kanji Pitamber & Co.) is one of India’s oldest and most respected institutional brokers and money changers. Based in Mumbai, it has played a pioneering role in the Indian forex ecosystem, including being among the first to offer foreign currency options services to both Indian and globally active banks.
Concurrently, Niyo has appointed Amit Talwar as the Chief Executive Officer (CEO) of Niyo Forex (Powered by Kanji Forex).
Amit Talwar brings over 27 years of banking experience, spanning across multiple areas including Transaction banking, Global remittances, and Unsecured lending. Prior to joining Niyo Forex, he served as EVP & Head – Transaction Banking, at IndusInd Bank, where he led multiple high-impact initiatives, including scaling international remittance corridors, implementing blockchain-based solutions & various new product roll-outs in Cash Management offerings of the Bank. In addition to his stint of nearly 17 years at IndusInd Bank, he also worked with ICICI Bank group entities for nearly 9 years, serving them in India & UK.
Vinay Bagri, CEO and Co-founder of Niyo, said, “At Niyo, we have been pioneers in democratising cross-border card solutions. The acquisition of Kanji Forex is a pivotal step in our journey to offer a full-suite global banking platform. Amit’s deep banking & cross-border payments expertise with proven leadership skills make him the ideal choice to lead our forex business into becoming the market & category leader.”
Amit Talwar, CEO, Niyo Forex (Powered by Kanji Forex), said, “Over the years, Niyo has built a strong top-of-mind recall as a digital-first travel banking brand. With Kanji now part of the Niyo family, Niyo Forex is uniquely positioned to offer integrated forex solutions across digital and physical touchpoints. I am excited to lead this next phase of growth, which will focus on branch expansion, product innovation, and partnerships to serve India’s growing global citizens.”
Founded in 2015 by Vinay Bagri (CEO) and Virender Bisht (CTO), Niyo Niyo is an Indian fintech company leading innovations in travel and finance. Niyo pioneered Zero Forex debit and credit cards, helping over 2 million Indians save up to 5% on international transactions.
