Indian Fintech Startup Niyo Acquires Wealthtech Startup Goalwise To Expand Product Offerings

Niyo has raised approximately US$49.2 million till date and counts Tencent among its backers

Indian fintech startup Niyo has acquired mutual funds investment platform Goalwise to expand its product offerings to Millennials, the company announced in a statement yesterday.

Niyo Co-founders CEO Vinay Bagri and CTO Virender Bisht, along with Niyo, have acquired majority stakes in Goalwise, in a cash-and-stock deal for an undisclosed amount. Upon completion of the transaction, Goalwise founding members will join Niyo’s leadership team and run Niyo Wealth as an independent vertical within Niyo, according to the press release.

With countries around the world implementing social distancing norms and movement restrictions, the need for digital banking and related services has increased more than ever as people are looking for digital alternatives to traditional financial offerings. According to the statement, Niyo will provide an innovative range of products including wealth management through its mobile application.

The acquisition will help Niyo achieve its goal of building a comprehensive product suite, according to the statement. Currently, the startup offers DIY zero percent commission mutual fund product on its Niyo Wealth platform, and plans to launch international and domestic stocks, robo-advisory, and auto-invest products over the next few months.

Niyo last raised $35 million in a Series B funding round led by Tencent Holdings and Hong Kong-based Horizon Ventures a little over a year ago. Niyo’s other backers include Social+Capital, JS Capital and Prime Venture Partners. According to Crunchbase data, Niyo’s total funding till date stands at $49.2 million.

Niyo was founded in 2015 as a neo-bank, with the aim of making banking simple, smart and transparent, and currently has a team of over 800 employees with a customer base of 1.5 million and over 6000 corporates, according to its website.

According to the statement, Niyo became one of the first Neo Banks in India to launch a co-branded savings account in partnership with IDFC FIRST Bank, which combines banking, forex, and wealth management features into its 007 offering – 0% commission on mutual funds, 0% forex mark-up on international spending, and up to 7% interest on the savings account through a waitlist that was subscribed to by more than 100,000 people.

Goalwise currently has over 60,000 users with $113 million assets under advice (AUA), according to the statement. The startup offers a unique set-and-forget goal-based investing solution that oversees all aspects of investment, including mutual fund selection, portfolio rebalancing and target-tracking among others, the statement reports.

According to Niyo’s statement, Indians have over $1.8 trillion of wealth parked in safe and low-yield bank deposits. This is largely due to poor financial literacy, low trust in the stock market, poor user experience, and general disinterest, claims Niyo.

Through its online platform, Niyo aims to offer higher interest rates to encourage investment in mutual funds, the statement says.

“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,” said Bagri.

“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,” he added.

Header image courtesy of Niyo

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

How To Tap into YouTube As A Small Business Owner

How To Tap into YouTube As A Small Business Owner

Business owners often struggle with boosting website traffic, lowering their bounce rate and converting followers into paying customers. However, many are unaware of the great potential offered by YouTube. Since its launch in 2005, YouTube has established itself as a world-renowned platform for modern media. As per Alexa’s global ranking, YouTube is the second most trafficked website in the world.

Smart Home Gadgets You Need to Try in 2023

Smart Home Gadgets You Need to Try in 2023

Revolutionize the way you live with smart home devices! The smart home industry is booming and for good reason. With the advancements in technology, there are now numerous gadgets and devices available to make your home not only smarter and more convenient but also safer and more energy-efficient.

What-Led-to-Balenciaga’s-Recent-Scandal

What Led to Balenciaga’s Recent Scandal?

If you are attuned to the fashion world, you would have heard that Balenciaga has been canceled. This was a result of the problematic advertisements they released in November 2022. These ads featured imagery related to child sexual abuse, showed BDSM motifs in ads featuring children and a whole lot more.

Top 5 Clothing Items That Are Contributing to Skims’ Net Worth

Top 5 Clothing Items That Are Contributing to Skims’ Net Worth

In 2022, American media personality Kim Kardashian’s shapewear brand Skims reached a market capitalization of US$3.2 billion. This massive net worth is a byproduct of a lot of factors, such as Kim’s popularity, the brand’s inclusive size range and adaptability (as we saw during the pandemic) to name a few.

5 Companies That Have Already Announced Job Cuts This Year

Layoffs in 2023: 5 Companies That Have Already Announced Job Cuts This Year

The layoff spree at tech giants is bleeding into a new year. It has been just three weeks since we entered 2023, yet the media is buzzing with disturbing numbers about people being laid off by tech companies: At least 104 tech companies let go more than 26,000 employees. This means, more than 1,600 tech employees were dismissed per day in the past couple of weeks. Let’s take a look at the top tech companies that are laying off aggressively.

Goblin Mode

Decoding the World’s Obsession with “Goblin Mode”

Do you find yourself struggling to maintain a positive and productive attitude at work? Are you becoming increasingly irritable or disengaged from constantly feeling overwhelmed and stressed? If so, you’re not alone. Many people experience this state of mind, and some turn on their ‌ “goblin mode” to cope with it. The term “goblin mode” gained popularity in February 2022