Niyo acquires Kanji Forex; appoints Amit Talwar of IndusInd Bank as CEO of forex business

Finnew Solutions, which operates fintech startup Niyo, has acquired legacy forex company Kanji Forex, thereby entering into the foreign currency exchange business. The Bengaluru-based startup has appointed ex-IndusInd Bank senior executive Amit Talwar as the chief executive officer of Niyo Forex, the new business entity set up through the acquisition.

The company did not disclose the financials of the deal.

Accel-backed Niyo plans to offer forex offerings across foreign currency, forex cards, and outward remittances, which are allowed as per the regulatory licence. Niyo will further expand Kanji Forex’s physical presence and set up new branches to grow the business as well.


In a prepared statement, the company said that it will explore partnerships with corporate houses to solve their forex requirements.

While Niyo is a venture-funded startup that has raised $179 million from large investors like Accel, Lightrock, Beams Fintech Fund, and others, Mumbai-based Kanji Forex was started back in 1935.

Niyo Forex’s new CEO, Amit Talwar, has spent over 27 years in the banking industry, having worked previously at IndusInd Bank and before that at ICICI Bank.

“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,” said Vinay Bagri, cofounder of Niyo.