Neo-banking fintech Niyo, recently announced having successfully acquired Bengaluru based personal finance startup, Index. The amount with which the deal has been sealed hasn’t been disclosed yet. The acquisition shall integrate Index’s personal finance tracking features into its products, especially NiyoX. This acquisition is the second one made by the fintech after acquiring Goalwise around mid-2020.
A neobank variedly known as an online bank, internet-only bank, virtual bank or digital bank is a type of direct bank that operates exclusively online without traditional physical branch networks.
“Index’s technology will now be in the hands of millions of users that Niyo has already captured – and millions more to come. Niyo is the market leader in neobanking in India and Index will only strengthen that leadership position,” said Anand Krishna, Co-founder and CEO of Index.
With the resultant integration of both into NiyoX, users shall now have easy access to view their earnings, savings, investments, insurances in a single view. According to their website, NiyoX is a zero balance account specially designed for millennials, with 7% interest on savings and 0% commission on mutual funds, and a full wealth management suite built into the app. The Index team including its founders, Anand Krishna and Kumar Siddhartha will join Niyo.
Vinay Bagri, Co-founder and CEO of Niyo, commented, “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.”
Since its inception in 2015, Niyo has been at the forefront of revolutionising banking with continual digital innovation. It has recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank. The Bengaluru based bank was founded by Vinay Bangri, an IIM Calcutta alumnus and Virender Bisht. The bank provides loads of unique products and services like Instant Saving account opening, Saving + Wealth Account, Zero account maintenance charges, amongst many others that make Niyo stand out from the crowd.