In a bid to broaden its product providing to millennials, Bengaluru-based digital banking fintech startup Niyo acquired Goalwise, a new-age mutual funds funding platform, on Tuesday.
With this deal, Niyo co-founders Vinay Bagri (CEO) and Virender Bisht (CTO) have picked up majority stakes within the startup, together with Niyo, in a cash-and-stock deal for an undisclosed quantity. Additional, the founding members of Goalwise will be part of Niyo’s management workforce and will likely be operating Niyo Wealth as an impartial vertical inside the startup.
Vinay Bagri mentioned, “We are delighted to welcome Goalwise and the entire team to the Niyo family. It has been our constant endeavour to offer the best financial products to our consumers, and make the banking process easy, secure, and convenient for all. We strongly believe in the importance of investing, and helping our customers achieve their life goals of financial stability and independence. The acquisition of Goalwise is a significant step in that direction.”
Aside from the DIY zero p.c fee mutual fund product already reside on the Niyo Wealth platform, the startup plans to launch worldwide and home stocks, Robo-advisory, and auto-invest merchandise within the subsequent few months.
The COVID-19 pandemic has considerably elevated the demand for digital banking and associated providers. Niyo mentioned it’s going to use this chance to broaden its person base by way of a cellular app expertise and product suite, that can now embody wealth administration merchandise.
Goalwise at the moment has over 60,000 customers with Rs 850 crore AUA (Belongings Below Recommendation). The startup primarily caters to salaried millennials, belonging to Tier-I cities with a median earnings of Rs 10 lakh. It gives a set-and-forget goal-based investing answer that oversees all elements of funding, together with mutual fund choice, portfolio rebalancing, and target-tracking, amongst others.
Goalwise Co-founder and CEO Swapnil Bhaskar, mentioned,
“We, at Goalwise, have at all times believed in transparency and constructing best-in-class merchandise that can empower our clients to make higher monetary selections. Niyo believes in the identical values which made this merger a pure match. With our mixed assets, we’ll now be capable to speed up our roadmap for superior options and inclusion of many extra monetary merchandise.”
Niyo claims to have turn out to be one of many first fintech startups in India to launch a co-branded financial savings account in partnership with IDFC FIRST Bank. It gives as much as seven p.c curiosity by way of a waitlist that was subscribed by round one lakh folks.
With a buyer base of 1.5 million and 6,000+ corporates, Niyo is backed by traders comparable to Social+Capital, JS Capital, and Prime Enterprise Companions, and has raised about $49 million in funding up to now. It has been ranked amongst Asia’s High 50 soonicorns.
Based in 2015, Niyo, which operates out of company workplaces in Bengaluru, Mumbai, and Delhi, has a gross sales presence in additional than 20 states and union territories, and at the moment employs round 1,000 folks.
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