Fintech firm Niyo acquires Kanji Forex; appoints Amit Talwar as CEO of forex business

Bengaluru-based fintech firm Niyo, which specialises in travel-focused financial products, has acquired Mumbai’s Kanji Forex through its parent company, Finnew Solutions. The deal, whose financial details were not disclosed, marks Niyo’s entry into the offline foreign exchange business as it seeks to build a full-stack global banking platform for Indian outbound travellers.

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Founded in 1935 as Kanji Pitamber & Co., Kanji Forex was among the earliest providers of foreign currency solutions to Indian and global banks. Under Niyo’s ownership, the legacy brand will expand its nationwide branch presence while integrating with Niyo’s digital-first platform. The combined entity, operating as Niyo Forex (Powered by Kanji Forex Pvt. Ltd.), will offer a portfolio spanning foreign exchange cash, forex cards, and outward remittances under its AD Category II licence.

Alongside the acquisition, Niyo has appointed Amit Talwar as CEO of Niyo Forex. Talwar, a veteran banker with more than 27 years of experience, previously held leadership positions at IndusInd Bank and ICICI Bank group entities in India and the United Kingdom. At IndusInd, he spearheaded initiatives in transaction banking, global remittances, and cash management, including blockchain-based solutions.

The move underscores Niyo’s ambition to consolidate both digital and physical strengths in the forex market. The startup, backed by investors including Accel, Lightrock, and Beams Fintech Fund, has raised more than $179 million to date. It currently operates across 20 states in India and serves over two million customers.

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 and cross-border payments expertise, with proven leadership skills, make him the ideal choice to lead our forex business into becoming the market and category leader.”

Amit Talwar, CEO of Niyo 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.”