NiYO, personal finance, Neobank, index, Razorpay, niyo index deal, wealth management, FinTech, niyo neobank, had acquired

Mumbai: Neobanking startup Niyo has acquired Bengaluru-based personal finance startup Index for an undisclosed amount, marking its second acquisition in less than a year. The

fintech

company 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.


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

NEWS RELATED

Yes Bank to shift base to former Reliance Infra headquarters in Mumbai

Private lender Yes Bank will give up its entire leased space in Indiabulls Finance Centre in central Mumbai and occupy the erstwhile Anil Dhirubhai Ambani Group headquarters at Santacruz as early as next week, bringing down its operational and rental costs substantially. “It will be a lock-stock-barrel move out of…

Read more: Yes Bank to shift base to former Reliance Infra headquarters in Mumbai

Paytm unit seeks RBI exemption from NBFC tag

Paytm Entertainment — a subsidiary of fintech giant Paytm – faces the risk of being classified as a Non-Banking Financial Company (NBFC) after it lent money to a joint venture business that exceeded the central bank’s limits. The online ticket booking services provider has approached the Reserve Bank of India,…

Read more: Paytm unit seeks RBI exemption from NBFC tag

German fintech startup Moonfare plans Singapore foray to ramp up Asia ops

Source: Moonfare German fintech startup Moonfare, which runs an online platform for individual investors to bet their money on a curated portfolio of private markets funds, is planning to open an office in Singapore to ramp up its Asia operations.

Read more: German fintech startup Moonfare plans Singapore foray to ramp up Asia ops

Meet Hydr, women-led fintech from Manchester offers SMEs immediate payment for their invoices

Hydr is a simple invoice financing solution for small businesses. Launched in May 2021, it helps SMEs by improving the cash-flow, and removing some of the risk, for their business. Launched by Nicola Weedall and Hector Macandrew, Hydr (pronounced hi-der) is already helping businesses to focus on their core activities rather than…

Read more: Meet Hydr, women-led fintech from Manchester offers SMEs immediate payment for their invoices

Another Klarna rival from UK: Hokodo secures £8.8M for its buy now pay later solution

Hokodo, a London and Paris-based B2B Buy Now Pay Later provider, has raised $12.5 million (approx £8.8 million) in funding in the Series A round. Who backed Hokodo? Mosaic Ventures led the round in participation from Notion Capital, Anthemis, and several prominent angel investors including, Taavet Hinrikus, founder of TransferWise…

Read more: Another Klarna rival from UK: Hokodo secures £8.8M for its buy now pay later solution

BharatPe marks its first acquisition with Payback India

Mumbai: BharatPe has acquired 100% of Payback India, a multi-brand loyalty programme, from American Express and ICICI Investments Strategic Fund for an undisclosed amount. This is the first ever acquisition by the digital payments app. Launched in 2010, Payback India is a brand loyalty platform that allows customers to earn…

Read more: BharatPe marks its first acquisition with Payback India

Yapily launches bulk payments service with Comma for SMEs in the UK

Yapily, the leading Open Banking infrastructure provider in the UK has now announced the launch of its new Open Banking bulk payments service, with Comma, the London-based SME payments platform, already live and benefiting from the service in the UK. Working in close partnership with Comma, Yapily has simplified the…

Read more: Yapily launches bulk payments service with Comma for SMEs in the UK

Instamojo launches Shopify-like e-commerce platform

Instamojo currently helps small businesses Payments firm Instamojo said on June 8 that it had launched an e-commerce software platform aimed to help small to mid-sized consumer brands set up an online presence, along the lines of Canadian firm Shopify– currently worth $150 billion and among the hottest new age…

Read more: Instamojo launches Shopify-like e-commerce platform

State Bank of India invests in fintech startup Cashfree

Another buy now, pay later player from UK: Klarna rival Divido raises $30M from HSBC and ING

RemitGuru operator Fable Fintech gets funding from Paytm, Infibeam and others

Ex-TransferWise duo launch new investment platform, announce $1.5M funding backed by co-founder of Skype

Fintech lender KreditBee raises Rs 60 crore from SIDBI's India SME

Cushon bags £26M funding, London fintech seeks to bring an institutional approach to individual savings

UK’s Starling Bank to lift ban blocking payments to crypto exchanges

Coinbase cryptocurrency debit card now compatible with Apple and Google Pay: what does it mean?

OTHER NEWS