Bengaluru-based travel-fintech platform Niyo has signed an agreement to acquire the forex and cross-border business of Capital India Finance, which operates under the RemitX brand. The deal will bring RemitX’s branch network, distribution partners, employees and brand under Niyo. RemitX operates 32 branches across 16 states and more than 30 cities, including Tier-2 and Tier-3 markets. The acquisition will take Niyo’s physical presence to more than 40 locations across India. It will also add over 2,500 distribution partners across travel, overseas education and corporate segments. More than 200 RemitX employees, including its leadership team, are expected to join Niyo’s wholly owned subsidiary Kanji Forex. The combined business will offer foreign currency, forex cards and outward remittance services through both physical branches and Niyo’s digital platform. Niyo entered the regulated forex business in 2024 through its acquisition of Kanji Forex, which holds an Authorised Dealer Category-II licence. In August 2026, the Reserve Bank of India granted Kanji Forex a perpetual AD-II licence with an expanded scope covering additional remittance services. The acquisition will help Niyo expand its forex distribution network beyond major cities and increase its presence in the cross-border payments market. The company had earlier planned to build a network of 50 branches over the next two to three years. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
