had acquired Goalwise, a mutual fund investment platform, in a cash-and-stock deal in late July last year.
Niyo plans to integrate Index’s services to NiyoX—its newly launched savings and wealth platform—to extend to its customers wealth management services. This will give users a 360-degree access to their earnings, savings, investments, insurances on a single platform. Customers will also get nudges to plan their expenses, pay bills and save.
“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,” said Vinay Bagri, co-founder and chief executive officer, Niyo. “I am confident that integrating Index within NiyoX is going to be a stimulating experience for both us and our users.”
NiyoX was recently launched by the company in partnership with Equitas Small Finance Bank and functions as a two-in-one savings and wealth account. It functions as a zero-balance account designed for millennials.
“Niyo is the market leader in neo-banking in India and Index will only strengthen that leadership position,” Index’s co-founder and CEO Anand Krishna said. “The technology, cultural and team fit is excellent, and we’re really looking forward to working with Vinay, Virender and Team Niyo.”
The Index team, including founders Anand Krishna and Kumar Siddhartha, will join Niyo as part of the deal.
The Niyo-Index deal comes at a time when India’s nascent neobanking sector is attracting interest from global and domestic investors alike, amid an increased traction for digitised and customer-friendly financial services. Niyo is among India’s emerging neobanks, facing competition from Open, Razorpay, Jupiter and others. Companies such as Amazon.com Inc, Paytm and Tata are learnt to be building their neo-banking businesses in India.