Bengaluru-based travel-fintech platform Niyo is expanding its presence in the foreign exchange and cross-border payments market by acquiring the forex business of Capital India Finance. The transaction covers the company’s forex and cross-border operations under the RemitX brand.
The acquisition agreement brings the RemitX branch network, distribution partners, employees and brand into the Niyo ecosystem. The move gives Niyo a larger physical presence while adding more distribution channels for customers who need foreign currency and international payment services.
RemitX currently operates 32 branches spread across 16 states and more than 30 cities. Its network also reaches Tier-2 and Tier-3 markets, giving Niyo an opportunity to expand forex services beyond large urban centres.
After the transaction, Niyo expects its physical presence to cross 40 locations across India. The combined network will also include more than 2,500 distribution partners working across travel, overseas education and corporate segments.
Employees Join Niyo Business
More than 200 employees from RemitX are expected to move to Niyo’s wholly owned subsidiary Kanji Forex. The leadership team is also expected to join the business as part of the transaction.
The combined operation will provide foreign currency, forex cards and outward remittance services through physical branches as well as Niyo’s digital platform. This gives customers the option to access services online or through a branch, depending on their requirements.
Niyo entered the regulated foreign exchange business in 2024 after acquiring Kanji Forex. The subsidiary holds an Authorised Dealer Category-II, or AD-II, licence, allowing it to provide specified foreign exchange and remittance services.
In August 2026, the Reserve Bank of India granted Kanji Forex a perpetual AD-II licence with an expanded scope covering additional remittance services. This regulatory development provides a stronger base for Niyo to grow its cross-border financial services.
Acquisition Reaches Smaller Cities
The RemitX acquisition helps Niyo strengthen distribution in markets where physical access to forex services can be important. Customers travelling overseas for holidays, education or business often require currency exchange, forex cards and outward remittance facilities.
By combining RemitX branches and partners with its digital platform, Niyo can serve customers through multiple channels. The company had earlier planned to build a network of 50 branches over the next two to three years.
The Niyo Global Card is designed for Indians travelling or spending abroad and is part of Niyo’s wider travel-fintech offering. Such international cards can help travellers make overseas payments and access money without relying only on physical foreign currency.
The RemitX transaction does not simply add another digital product to Niyo’s portfolio. It strengthens the physical distribution side of the business and adds forex and remittance capabilities across more locations.
Niyo is positioning the acquisition within the broader growth of international travel, overseas education and cross-border financial activity. These segments create regular demand for foreign exchange, international cards and outward remittance services.
The addition of more than 2,500 distribution partners also gives Niyo access to established networks in travel, education and corporate markets. This could help the company reach customers at the point where they plan overseas travel, education or business activity.
Niyo Targets Wider Reach
The acquisition gives Niyo a combination of digital services, physical branches and partner-led distribution. Its next challenge will be integrating the RemitX network and employees while maintaining service quality across different cities and customer segments.
With Kanji Forex holding a perpetual AD-II licence and RemitX adding branches and distribution partners, Niyo is building a broader platform for foreign exchange and cross-border payments. The deal marks another step in its plan to expand regulated financial services alongside its travel-focused digital products.
