Niyo expands into offline forex by acquiring Kanji Forex

Bengaluru-based fintech firm Niyo, known for its travel-focused financial products, has acquired Mumbai-based Kanji Forex through its parent company, Finnew Solutions. The financial terms of the deal were not disclosed. With this acquisition, Niyo makes its entry into the offline foreign exchange business, moving a step closer to building a full-stack global banking platform for Indian outbound travellers. Kanji Forex, originally founded in 1935 as Kanji Pitamber & Co., is one of the oldest players in India’s forex industry. Over the decades, it has served both Indian and global banks with foreign currency solutions. Under Niyo’s ownership, the legacy brand will now expand its nationwide branch presence while being integrated with Niyo’s digital-first platform. Together, the combined entity will operate as Niyo Forex (Powered by Kanji Forex Pvt. Ltd.), offering services including foreign exchange cash, forex cards, and outward remittances under its AD Category II licence. As part of the move, Niyo has appointed Amit Talwar as CEO of Niyo Forex. Talwar, a seasoned banker with over 27 years of experience, has previously held leadership roles at IndusInd Bank and ICICI Bank group entities, where he worked extensively in transaction banking, global remittances, and blockchain-led solutions

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