Niyo has acquired personal finance startup Index for an undisclosed sum. Bengaluru-based Index’s 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 a 360-degree view of their earnings, savings, investments, insurances in a single view.
"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.
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.
Krishna, Co-Founder and CEO of Index, said, "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."
Niyo recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank. This is Niyo's second acquisition after acquiring Goalwise around mid-2020.
