In a bid to increase its product providing to the millennials, Niyo, India’s main digital banking fintech start-up, has acquired Goalwise, a new-age mutual funds funding platform.
The Covid-19 pandemic has considerably elevated the demand for digital banking and associated companies. Niyo is well-placed to make use of this chance to quickly increase its consumer base by means of an amazing cellular app expertise and modern product suite that may now embody 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 part of Niyo’s management workforce and might be operating Niyo Wealth as an unbiased vertical inside Niyo.
The acquisition is according to Niyo’s purpose of constructing a complete product suite for its customers. Other than the DIY zero per cent fee mutual fund product already dwell on Niyo Wealth platform, the corporate plans to launch worldwide and home stocks, robo-advisory and auto-invest merchandise in subsequent few months.
Goalwise at the moment has over 60,000 customers with Rs 850 crore AUA (belongings underneath recommendation). The corporate primarily caters to salaried millennials belonging to Tier 1 cities and a median earnings of Rs. 10 lakh. The beginning-up presents a novel 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.
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.”
Goalwise Co-founder and CEO Swapnil Bhaskar mentioned, “We, at Goalwise, have always believed in transparency and building best-in-class products that will empower our customers to make better financial decisions. Niyo believes in the same values which made this merger a natural fit. With our combined resources, we will now be able to accelerate our roadmap for advanced features and inclusion of many more financial products. Together, we are set to fulfil the dreams of a million Indians to achieve their financial goals.”
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 perfect 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 by means of a waitlist that was subscribed by round 100Okay folks.
As per business reviews, Indians have parked over $1.eight trillion of their wealth in low-yield bank deposits, which signifies that they chorus from investing in capital markets owing to poor monetary literacy, low belief within the stock market, poor consumer expertise and normal disinterest. Niyo goals to empower them by means of its newest product providing that may provide increased charges of curiosity and encourage funding in mutual funds.
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 corporate is backed by marquee traders reminiscent of Social+Capital, JS Capital and Prime Enterprise Companions, and has raised about $49 million in funding thus far. Niyo has been ranked amongst Asia’s High 50 soonicorns.