Neobanking fintech Niyo acquires Bengaluru-based personal finance app Index
Digital banking fintech Niyo has announced the acquisition of Bengaluru-based personal finance startup, Index. This is Niyo’s second acquisition after acquiring Goalwise around mid-2020. The Index team including Anand Krishna and Kumar Siddhartha, founders of Index, will join Niyo.
Niyo said it plans to integrate Index’s personal finance tracking features into its products, especially NiyoX. With Index’s abilities integrated into NiyoX’s offerings, users will have access to 360 degree view of their earnings, savings, investments, insurances in a single view. Customers will also get the nudges to plan their expenses, pay bills and save.
“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.
Founders of NiYO (L to R) - Virender Bisht and Vinay Bagri
Index, launched in 2020, by Anand Krishna and Kumar Siddhartha, with backing from SOSV Investments, derives insights from users’ financial data to give them a view into their spending habits, transaction history, and account information. With just the connection of an email account, users can see unlocked statements, hidden subscriptions, forgotten bills and more.
Vinay Bagri, Co-founder and CEO of Niyo, added,
“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.”
Niyo recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank. NiyoX is a zero balance account and is specially designed for millennials, with an industry-best interest rate of 7 percent, 0 percent commission on mutual funds, and a full wealth management suite built right into the app.
NiyoX claims to have received tremendous traction in just two months of its launch with over 200,000 customer account openings.