Niyo, a travel fintech platform located in Bengaluru, has reached a deal to buy Capital India Finance’s foreign and international operations, which are marketed under the RemitX name.
RemitX’s branch network, distribution partners, staff, and brand will all be under Niyo as a result of the agreement.
RemitX has 32 locations in more than 30 cities and 16 states, including Tier-2 and Tier-3 markets. With the acquisition, Niyo will now have a physical presence in over 40 Indian locales. Additionally, it will add more than 2,500 distribution partners in the corporate, travel, and international education sectors.
It is anticipated that about 200 RemitX workers, including its leadership group, will join Kanji Forex, a completely owned subsidiary of Niyo.
Through both physical locations and Niyo’s online platform, the merged company will provide foreign exchange, forex cards, and overseas remittance services.
In 2024, Niyo acquired Kanji Forex, a company with an Authorized Dealer Category-II license, to enter the regulated forex market. The Reserve Bank of India awarded Kanji Forex a perpetual AD-II licenses in August 2026, with an enhanced scope that includes more remittance services.
With the acquisition, Niyo will be better positioned in the cross-border payments sector and be able to extend its network of forex distribution outside of major cities. Over the next two to three years, the corporation had previously intended to establish a network of fifty branches.
