Mumbai, April 9 -- Niyo Solutions Inc.' chief strategy officer, Swapnil Bhaskar, is set to step down next week, according to three people familiar with the matter.

Bhaskar's departure comes as the digital-only bank navigates a slowdown in revenue, delays in its plans for an initial public offering, and rising pressure to deliver profitability.

His departure is significant for Niyo also because the company has been exploring acquisitions to bolster its offerings. Bhaskar was in charge of mergers and acquisitions, fundraising, and other strategic operations at the neobank.

Last year, Bhaskar had outlined that Niyo was looking to raise funds to expand its travel banking business and for evaluating acquisitions in the foreign exchange and ...