Niyo plans to integrate Index’s services with NiyoX, its recently launched savings and wealth platform, to extend wealth management services to its clients. This will give users 360-degree access to their earnings, savings, investments, and insurance on one platform. Customers will also get nudges to plan their spending, pay bills and save.
“Index’s aggregation and analytics capabilities will help expand NiyoX’s functionality to equip users with the valuable insights they need to achieve their financial goals,” said Vinay Bagri, Niyo’s co-founder and CEO. “I am sure that integrating Index into NiyoX will be an exciting experience for both us and our users.”
NiyoX was recently launched by the company in partnership with Equitas Small Finance Bank and works as a two-in-one savings and wealth account. It works as a zero balance account designed for millennials.
“Niyo is the market leader in neobanking in India and Index will only strengthen that leadership position,” said Index co-founder and CEO Anand Krishna. “The technology, culture and team are great, and we look 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.
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The Niyo-Index deal comes at a time when India’s nascent neo-banking sector is attracting interest from global and domestic investors alike, amid increased attraction to customer-friendly, digitized financial services. Niyo is among India’s emerging neobanks, facing competition from Open, Razorpay, Jupiter and others. Companies like Amazon.com Inc, Paytm and Tata are known to be building their neo-banking businesses in India.