Neobanking Startup Niyo Acquires Bengaluru-based Personal Finance Startup Index
Neobanking startup Niyo has acquired Bengaluru-based personal finance startup Index, making it Niyo’s second acquisition after it acquired Goalwise in July 2020.
Started by Kumar Siddhartha and Anand Krishna, the Bengaluru-based personal finance startup derives insights from users’ financial data and gives them a view into their spending habits, transaction history, and account information.
The team of Index, including Kumar Siddhartha and Anand Krishna, founders of Index, will join Niyo.
With this acquisition, Niyo plans to integrate Index’s personal finance tracking features into its products, especially NiyoX. The integration will provide users access to a 360-degree view of their earnings, savings, investments, insurances in a single view.[Read: How Startup Company Valuation Works And Its Importance For Entrepreneurs]
Started by Virender Bisht and Vinay Bagri, Niyo is making banking smarter, safer and simpler for its customers. The neo banking startup recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank.
Speaking on the development, Vinay Bagri said,
“The aggregation and analytical capabilities of Index will help expand NiyoX’s functionality to equip users with the valuable insights they need to meet their financial goals. As always, our focus is on the customer and what we can empower the customer to do. I am confident that integrating and launching Index within the comprehensive NiyoX app is going to be a stimulating experience for both us and our users.”
NiyoX provides a zero balance account specially designed for millennials. With zero commissions on mutual funds and up to 7% interest p.a on savings, NiyoX provides a full wealth management suite built right into the app.
As per the startup, in just two months of its launch of NiyoX, it witnessed over 200,000 customer account openings.
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