Travel-focused fintech platform Niyo has acquired Kanji Forex, one of India’s oldest money changers, to strengthen its position in the foreign exchange market.
The company has also appointed veteran banker Amit Talwar as chief executive officer of its forex business, which will operate as Niyo Forex (Powered by Kanji Forex Pvt. Ltd.).
The acquisition, executed through parent company Finnew Solutions, will enable Niyo to offer a full range of forex services—cash, cards, and outward remittances. The company plans to expand Kanji Forex’s branch network across India and pursue strategic B2B partnerships to increase market penetration.
“At Niyo, we have been pioneers in democratising cross-border card solutions,” said Vinay Bagri, Co-founder and CEO of Niyo, in a statement. “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.”
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Founded in 1935 and also known as Kanji Pitamber & Co, Kanji Forex has been a key player in India’s forex ecosystem and was among the first to offer foreign currency options to both Indian and international banks.
Talwar, who takes charge of the forex unit, brings over 27 years of experience in transaction banking, global remittances, and unsecured lending. Most recently, he was executive vice president and head of transaction banking at IndusInd Bank, where he oversaw initiatives such as scaling international remittance corridors, deploying blockchain-based solutions, and rolling out new cash management products. He previously spent nearly nine years with ICICI Bank group entities in India and the UK.
“With Kanji now part of the Niyo family, Niyo Forex is uniquely positioned to offer integrated forex solutions across digital and physical touchpoints,” Talwar said. “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.”
Niyo, founded in 2015, serves over two million outbound Indian travellers and offers zero forex markup cards, forex cash, remittance services, and travel bookings. The company has raised more than $179 million from investors and operates with a 500-member team across 20 states
Edited by Kanishk Singh
