Bengaluru, June 10
Digital banking fintech startup Niyo on Thursday said it has acquired Bengaluru-based personal finance startup Index for an undisclosed sum.
The Index team including founders Anand Krishna and Kumar Siddhartha will join Niyo.
Niyo said it plans to integrate Index's personal finance tracking features into its products especially NiyoX, that will give users 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.
"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 CEO of Niyo.
This is Niyo's second acquisition after acquiring Goalwise around mid-2020.
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 per cent, 0 per cent commission on mutual funds, and a full wealth management suite built right into the app, the company said.
In two months of its launch, NiyoX saw over 200,000 customer account openings.
"Niyo is the market leader in neo-banking in India and Index will only strengthen that leadership position. The technology, cultural and team fit is excellent, and we're really looking forward to working with Vinay, Virender and Team Niyo," said Krishna, Co-Founder and CEO of Index.