On Thursday, fintech startup Niyo buys Bangaluru-based personal finance startup Index for an unrevealed sum. Well, the Index team involves founder Anand Krishna and Kumar Siddhartha who will be joining Niyo.
Niyo mentioned its plans to integrated Index’s personal finance tracking features in its products especially NiyoX, which will provide the user access to a 360-degree view of their earnings, investments, savings, insurances within a single view.
Moreover, the consumer will also get the nudges to plan their expenses, pay bills and save.
Vinay Bagri, Co-founder and CEO of Niyo mentioned, “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.”
Well, this is Niyo’s second acquisition after acquiring Goalwise in the mid of 2020.
Currently, Niyo has launched its 2-in-1 savings and wealth account NiyoX partnership with Equitas Small Finance Bank.
Basically, NiyoX is a zero balance account that is highly designed for millennials with an industry-best interest rate which is 7 percent, 0 percent commission on mutual funds, and a full wealth management suite built right into the app, as per the company.
Well, in the two months of its launch, NiyoZ saw almost more than 200,000 customers account openings. Krishna, the CEO and Co-founder of Index mentioned, “Niyo is the market leader in neo-banking in India and Index will only strengthen that leadership position. The technology, culture, and team fit are excellent, and we’re really looking forward to working with Vinay, Virender, and Team Niyo.”