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In a bid to develop its product providing to the millennials, Niyo, a digital banking fintech start-up, has acquired Goalwise, a mutual funds investment platform. The Covid-19 pandemic has considerably elevated the demand for digital banking and associated providers. Niyo will use this chance to quickly develop its person base via a terrific cellular app expertise and revolutionary product suite that can now embrace wealth administration merchandise.
Niyo Co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have picked up majority stakes within the start-up, together with Niyo, in a cash-and-stock deal for an undisclosed quantity. The Goalwise founding members will be a part of Niyo’s management staff and will probably be working Niyo Wealth as an impartial vertical inside Niyo.
Apart from the DIY zero per cent fee mutual fund product already reside on Niyo Wealth platform, the corporate plans to launch worldwide and home shares, robo-advisory and auto-invest merchandise in subsequent few months.
Goalwise at present has over 60,000 customers with ₹850 crore AUA (belongings underneath recommendation). The firm primarily caters to salaried millennials belonging to Tier 1 cities and a median revenue of Rs. 10 lakh.
Niyo turned one of many first fintechs in India to launch a co-branded financial savings account in partnership with IDFC FIRST Bank that mixes the most effective of banking, foreign exchange and wealth administration options in its 007 proposition – 0% fee on mutual funds, 0% foreign exchange mark-up on worldwide spends and as much as 7% curiosity on the financial savings account via a waitlist that was subscribed by round 100Okay folks.
Niyo is among the many quickest rising fintech start-ups in India with a buyer base of 1.5 million and 6,000+ corporates. The firm is backed by marquee buyers equivalent to Social+Capital, JS Capital and Prime Venture Partners, and has raised about $49 million in funding up to now. Niyo has been ranked amongst Asia’s Top 50 soonicorns.
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