Niyo Makes strategic move in forex sector by acquiring Kanji Forex Private Limited, naming Amit Talwar as CEO of Niyo Forex
Niyo Expands into Offline Forex Market with Acquisition of Kanji Forex
In a significant move, Bengaluru-based fintech company Niyo has entered the offline forex sector by acquiring Mumbai-based Kanji Forex. The acquisition was completed through Niyo's parent company, Finnew Solutions, in August 2025.
Established in 1935 as Kanji Pitamber & Co., Kanji Forex is one of India's oldest and most established forex players. The company has traditionally served Indian and global banks with foreign currency solutions.
This acquisition marks a pivotal step for Niyo, as it strengthens its ambition to build a full-stack global banking platform tailored to Indian outbound travelers. The combined entity, operating as Niyo Forex (Powered by Kanji Forex Pvt. Ltd.), offers a broad portfolio of services including foreign exchange cash, forex cards, and outward remittances under its Authorised Dealer (AD) Category II license.
Under Niyo's ownership, Kanji Forex's legacy brand will expand its nationwide branch network while integrating with Niyo’s digital-first platform. This strategy aims to blend offline presence with innovative digital services, broadening physical reach across India and engaging in B2B partnerships to deepen market penetration.
Amit Talwar, a seasoned banker with over 27 years of experience, has been appointed as the CEO of Niyo Forex. Talwar's career includes leadership roles in transaction banking, remittances, and unsecured lending at IndusInd Bank and ICICI Bank group entities in India and the UK. In his statement, Talwar expressed excitement about leading the next phase of growth for Niyo Forex, focusing on branch expansion, product innovation, and partnerships.
With the acquisition, Niyo Forex is uniquely positioned to offer integrated forex solutions across digital and physical touchpoints. The move is part of Niyo's broader strategy to simplify international banking for Indian consumers, including travellers, students, and professionals. Plans also include forming strategic business-to-business partnerships to extend market reach.
Based in Mumbai, Kanji Forex has served as an institutional broker and money changer for decades. The company played a role in introducing foreign currency options services to both Indian and international banks.
In summary, through the acquisition of Kanji Forex, Niyo is transitioning from a primarily digital travel fintech to a comprehensive forex and global banking player, blending Kanji’s offline legacy with Niyo’s digital innovation to serve travellers, students, professionals, and global Indians nationwide.
- The acquisition of Kanji Forex by Niyo will strengthen Niyo's ambition to develop a full-stack global banking platform aimed at Indian outbound travelers.
- Amit Talwar, with over 27 years of experience in transaction banking, remittances, and unsecured lending, has been appointed as the CEO of Niyo Forex.
- The combined entity, Niyo Forex (Powered by Kanji Forex Pvt. Ltd.), will offer a broad portfolio of services including foreign exchange cash, forex cards, and outward remittances under its AD Category II license.
- With the integration of Kanji Forex's legacy brand and nationwide branch network with Niyo’s digital-first platform, the strategic goal is to blend offline presence with innovative digital services, broadening physical reach across India and engaging in B2B partnerships to deepen market penetration.
